Public finances deteriorate sharply

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.