Forums Forums National News Sterling Hits Another Record Low

Matt, that was a very nice reply but if you dont get your info from the net etc etc, were do you get it from, the controlled media ?

Within reason, yes, but I also gain information from a wide range of sources including actual stock markets (im not a stock whizz kid, but I take an intrest), from internet discussion forums, and from the controlled media, but this includes the likes of the BBC and Channel 4, both of whom are the most unbiased of the lot. Most of it tbh, is common sense, you can't blame a bank for trying to make a profit, you can blame them for lending irresponsibly, but then you can also question the consumers responsibility in all this shite, when they are defaulting on their mortgages etc, because they had a dream of owning everything and never wanted to work for it/worked out if they could afford it, but ultimately the government, as they can regulate it all.

Lets take a look at the FSA, the government set this authority up to regulate the banks, but hold on, the government went to the banks and asked them to fund it; how are they ever going to be independent if this happens? If the government had spent public money on making the FSA a government run and independent authority, diverted some of the money away from bag heads and immigrants, and passed legislationg protecting the economy from things such as sub-prime lending etc, and stopped assuring everyone that the boom would never turn to bust, thus encouraging people to spend spend spend instead of save, half of this crap would never have even happened.

But its always good to have the benefit of hindsight I guess?

very true bud, do you think that tha fsa was set up by the bank from the start though ?

So, is now is not the best time to exchange my hard earned sterling for some Euros then? Going to disney paris in May and was going to get some Euros for the kids for xmas, (just a small amount as a novelty thing)

May be best to wait and see, its all a waiting game. I know of a dude who has been waiting a long time for this to happen, he bought I think in the the region of £3000 worth of dollars when they were at like $1.96 to the pound.

He will be cashing them in soon id imagine...

There is another person I know of who does this. Both of them are off WHT ad have money to waste, but its esssentially savings and they have invested it wisely, looking at it now.

I wish i had the power of fore sight now lol, like you say matty xxx

Gutted

BBC News Report

this is were the euro steps in, there is too much sterling in the ecomomy, a new money must be made, just llike gold was replaced back in 18th century.

All pounds will be demanded in, the euro is here to stay.

The official exchange rate showed that the pound lost another 2.47 per cent of its value to take it down to €1.082. However, most bureaux de change on the high street and in airports are offering holidaymakers less than €1 for every £1.

A year ago travellers could have enjoyed a rate of €1.40. The fall in sterling means that everything from a simple cup of coffee to a hotel room has become much more expensive.

A €2 cappuccino in a restaurant in Rome, now costs £2, compared with £1.43 last Christmas.

The new low came as a fresh set of economic data persuaded international investors to abandon the pound.

Crucially, minutes from Bank of England showed its Monetary Policy Committee – in charge of setting interest rates – considered a bigger interest rate cut than the one per cent delivered two weeks ago.

Members only held back for fear of an 'excessive' knock to the pound and confidence in the economy.

Economists said it was now increasingly likely that the Bank will follow its counterpart in the United States and cut to zero.

Higher jobless figures have also encouraged many investors to sell sterling, thus forcing its price downward.

"Rising unemployment shows the soft underbelly of the UK economy, and pound weakness is set to continue for some time," said Paul Robson, strategist at Royal Bank of Scotland.