Tuesday, 9 March 2010

Pound falls below $1.50 again as credit agency warns that efforts to cut deficit are moving at 'pedestrian pace'

Daily Mail
"The Government's attempts to tackle its mounting national debt are taking place at a 'pedestrian pace' that is 'too slow', an influential ratings agency warned today.In a boost to the Tories, Fitch insisted that the shortfall in the country's finances must be reduced quickly because the nation’s credit profile has 'deteriorated'.Its head of global economics Brian Coulton warned: 'If we don’t get an improvement in the medium-term outlook in the UK, there will be cause for concern.'The declaration sparked fresh fears about the strength of the UK's economic recovery and prompted the pound to hit a week-long low of $1.4965 against the dollar this afternoon.And there was further dire economic news as new figures showed that exports took their biggest plunge in more than three years in January."

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