Pound's woes intensify - papers 2 Dec

Sterling fell further against the dollar to $1.4798 this morning, continuing yesterday's 5 per cent drop to $1.4839 - the biggest one-day fall against the dollar since Black Wednesday in 1992, when the pound was ejected from the European Exchange Rate Mechanism. BEN BERNANKE, THE CHAIRMAN of the Federal Reserve, paved the way last night for US interest rates to be cut to an unprecedented low of under 1% this month, and sought to reassure markets that the Fed could deploy other weapons from its arsenal even if it were forced to cut rates to zero, The Times reports. The Fed chief's clear ...