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Posts Tagged ‘falling pound’

Banks buy bulk of £39.8bn of new gilts

Posted by seumasach on June 7, 2011

 

This is big news and exposes the depth of the debt crisis. UK banks, still in existence thanks to UK taxpayer largesse and now facing a new round of bad debts as the UK property market implodes, have found a new carry trade lending back to the government the funds the government lent to them and pocketing the interest rate difference. What’s more, they are just about the only purchasers of UK bonds left. How long can the bankrupt bail-out the bankrupt?

Telegraph

7th June, 2011

Banks bought 91pc of the £39.8bn of net issuance of new gilts with purchases totalling £36.1bn, compared to the £11.4bn of UK debt bought in the preceding six months.

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Why Britain is a raging “sell”

Posted by smeddum on December 19, 2008

Why Britain is a raging ‘sell’

By Associate Editor David Stevenson Dec 19, 2008
moneyweek

Dark times ahead for Britain
Help!

Britain’s running out of money. Yesterday’s government borrowing figures – the worst in at least 15 years – were truly shocking. Already the forecasts that Chancellor Alistair Darling made last month in the pre-Budget report are looking well short. Read the rest of this entry »

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Sterling falls after weaker-than-expected UK CBI

Posted by smeddum on October 21, 2008

Sterling falls after weaker-than-expected UK CBI Reuters
Tue Oct 21, 2008 11:20am BST
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LONDON, Oct 21 (Reuters) – Sterling fell on Tuesday, hitting a session low against the euro after figures showed that UK manufacturers were the most grim on their business outlook in nearly 30 years, underlining ongoing economic weakness. Read the rest of this entry »

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Sterling tumbles to 18-month low against the dollar

Posted by seumasach on August 8, 2008

By Edmund Conway, Economics Editor and Richard Blackden

Daily Telegraph

8th August, 2008

“With house prices sliding and consumers deserting the high street, an increasing number of currency analysts now expect sterling to fall to $1.90 and 80p against the euro by the end of the year.”

Sterling tumbled to its lowest in more than a year against the dollar and weakened against the euro on fears that the UK economy is sliding into recession.

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