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Alistair Darling admits sterling is in freefall

Earlier this week we had the Bank of England suggesting that the UK economy was sluggish at best and still in a consolidation period at worst. Then we saw Alistair Darling commenting upon the UK budget deficit and national debt, a subject which has for some time been one that was ignored by the Labour Party. However, today Alistair Darling has readily admitted that the UK government does not have a plan of support for the UK currency in place.

This is an astounding statement when you bear in mind that sterling is currently at a six-month low against the likes of the dollar and the euro. Not only does this reduced confidence in the money markets but it also gives "shorters" every opportunity to attack sterling, knowing that there is no support system in place at this moment in time. Of course, if the UK currency continues to fall we will almost certainly see the Bank of England step into the currency market but this could actually be some way off with sterling having further to fall in the short term.

Will Alistair Darling live to regret his comments regarding a lack of support for the UK currency?

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