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10-28-2008, 09:27 PM #1
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Pound in free fall and traders say there’s no way to stop
From The Times
October 28, 2008
Pound in free fall and traders say there’s no way to stop the plunge
Traders
Helen Power
The pound plummeted close to a six-year low yesterday. The currency’s losses in recent months now mirror its demise after Black Monday in 1992, when John Major pulled Britain out of the exchange-rate mechanism and destroyed the Conservatives’ reputation for economic management.
In London the pound hit a low of $1.5280, down from $2.01 three months ago, while shares in British companies tumbled again, leaving the FTSE down 30.77 at 3852.59, its lowest close since the invasion of Iraq in the spring of 2003.
The descent of the pound drew comparisons with the early 1990s. Then it fell 50 cents from $2.01 to $1.50 - but this time the downward spiral of the currency is gathering momentum.
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