Pound falls dramatically after King speaks out

Mervyn King, the Bank of England’s governor, did those of you needing to send money overseas a favour last week when the quantitative easing programme was not extended – but he undid all the good work yesterday with a speech slamming the prospects of a quick recovery in the UK.

As other economies around the world look to a brighter future, it looks like the UK will have a tough time in the next few months. The Pound reacted accordgingly, dropping nearly 2c against both the Euro and the US Dollar.