Public finances deteriorate sharply
28 July, 2011
This morning’s public borrowing figures were much worse than expected – leading to sharp losses for sterling.
The net deficit of £4.3bn was the worse since comparable records began in 1993, and compared to a surplus of over £5bn in January last year.
The worry for sterling is that such negative data could send exchange rates on a downward spiral after recent gains – which is only good news if you are transferring money back to the UK rather than sending it abroad.
Please contact Currency Index for the latest rates.
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