Sterling is a silver lining as the dark clouds of austerity gather

Telegraph
"In reaching that point there's obviously no money left in Government coffers to spend our way out of recession. Taxes are going up, not down. Interest rates are as low as they'll go. We're fast approaching the limits of Mervyn King's ability to pump money into the economy via the banks (who don't seem to be passing much on) which leaves the currency as the final instrument we have to keep the economy off the rocks."