Financial Crisis Economy Crisis GBP - Euro Parity | GBP - Euro Parity |
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| Financial Crisis - Economy | |
F ears of a severe UK recession in 2009, dollars' weakness, the foreclosures dilemna, options ARMs and others losses heading in the mortgage markets worldwide
have all contributed to a fall in the pound, which ended the day worth barely €1.02. The euro has risen by almost a third against the pound in the course of 2008, with an 18%
appreciation in December alone, although a cheaper pound makes UK exports more competitive.
Financial markets believe that with the property drop in house prices there will be around 600,000 jobs lost in 2009, and there are rising concerns about a wave of new year collapses in the retail sector.This atmosphere and the underlying fears of a very deep recession in the UK, is not much of help to reverse a mounting negative view of the UK economy.
George Osborne, the shadow chancellor, said: "As Gordon Brown himself says, a weak currency is a reflection of a weak economy and a weak government. Labour is bankrupting
Britain again and the rest of the world knows it."
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