THE TELEGRAPH: Sterling tumbled below the $1.40 mark against the dollar for the first time in almost a decade and fell against the rest of the world's major currencies as the UK Government's second bail-out of the country's banks underlined the dangers facing the economy.
The pound, which was trading above the $2 mark less than 12 months ago, slumped to below the $1.40 mark for the first time since June 2001 in morning trading in London after registering a fall of more than three cents yesterday.
Currency traders have been aggressively selling the pound as the depth of the recession facing the UK becomes clearer. Interest rates are now at 2pc and most analysts expect the Bank of England to continue cutting close to zero in an effort to get money moving around the economy again.
"Sterling has struggled due to the announcement of the new policy measures, in addition to reports of big losses in the UK banking sector," analysts at UBS said this morning. >>> By Angela Monaghan | Tuesday, January 20, 2009
THE TELEGRAPH:
Bail-out Part II: Millions of Private Shareholders Could See Stakes Wiped Out: Millions of private shareholders could see a substantial part of their investments wiped out as a result of the "creeping nationalisation of the banking system", stock market investors warned last night. >>> By Harry Wallop, Consumer Affairs Editor | Tuesday, January 20, 2009
THE TELEGRAPH: Banking bailout: The Big Question
On a day that brought with it the worst corporate loss in British history, a vertiginous slide in banking shares and news of yet another financial bail-out package, it might seem perverse to focus on a mere rumour.
But as the market closed with experts facing the fact that the majority of the UK banking system is one step closer to nationalisation, the rumour hitting the floor was of a scale that was even more terrifying.
The word was that a leading agency was about to cut its rating on Britain's sovereign debt. Esoteric as it sounds, it is difficult to overstate the significance - if true - of such a situation. For it underlines the growing weight of opinion that Britain is inching ever closer to insolvency. >>> By Edmund Conway, Economics Editor | Monday, January 19, 2009
The Dawning of a New Dark Age (Paperback – USA)
The Dawning of a New Dark Age (Hardcover – USA)
