Pound Falls to Two-Year Low on Darling Blunder
TIMESONLINE: The pound fell to a two-year low of $1.80 against the dollar today as the market digested last week's comments by Chancellor Alistair Darling that Britain could be heading for the worst economic conditions for 60 years.

Sterling also weakened ahead of this month's interest rate decision on Thursday, on hopes the Bank of England's Monetary Policy Committee (MPC) will vote to cut borrowing costs. Pound Falls to Two-Year Low on Darling Blunder >>> By Dearbail Jordan | September 1, 2008

THE TELEGRAPH:
Sterling Tumbles to Record Low against the Euro >>> By Rowena Mason | September 1, 2008

TIMESONLINE:
Chancellor Alistair Darling Feels Heat as Sterling Plunges: Business leaders accused Alistair Darling of talking Britain into a recession as the pound fell to a record low yesterday. The Chancellor’s warning that Britain is facing its biggest economic challenge for 60 years was described as a “self-fulfilling prophesy”. >>> By Francis Elliott, Peter Riddell and Christine Buckley | September 2, 2008

THE TELEGRAPH:
Sterling Sell-off Intensifies as Investors Turn Their Backs on Britain: The pound's slump accelerated for a second day in London as traders abandoned British investments following Alistair Darling's warning that the economy is facing its worst threat for 60 years >>> By Edmund Conway, Economics Editor | September 2, 2008

THE FINANCIAL TIMES:
Dollar Surges as Commodities Sell-Off >>> By Peter Garnham | September 3, 2008

BBC:
Pound Dips Further against the Dollar >>> | September 3, 2008

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Sterling’s Decline Against Dollar Hits Run Not Suffered Since 1975
TIMESONLINE: Sterling fell against the dollar for the eleventh day in a row yesterday, its longest consecutive decline since 1975, as concerns mounted over Britain’s faltering economy.

The pound hit a more than two-year low of $1.8514 – a level not seen since July 2006 – further extending a seismic shift in currency markets in recent days as interest rate expectations for big economies change.

This latest fall came only days after the Bank of England struck a doveish note in its quarterly Inflation Report, leading analysts to believe that the door may be open for rate cuts once spiralling inflation starts to fall.

Investors are fleeing to the dollar after reassessing the merits of the US economy against those of the UK and the eurozone.

They are betting increasingly that the US Federal Reserve’s next move will be to raise interest rates, while gloomy data from the UK and the eurozone this week suggested that rate cuts could be on the cards.

Analysts say that sterling’s fall is not over yet. Bilal Hafeez, a Deutsche Bank foreign exchange strategist, said: “We could level off at this rate for a while but I expect the pound will fall further.” Sterling’s Decline Against Dollar Hits Run Not Suffered Since 1975 >>> By Gráinne Gilmore, Economics Correspondent | August 16, 2008

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The Dawning of a New Dark Age – Paperback, direct from the publishers (US) >>>