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The pound comes under more pressure on the foreign exchanges

Sterling yesterday fell to new record lows against the euro on news that the US car manufacturers bailout was hanging in the balance with many citing the potential knock-on effect to the UK industry. The car manufacturing sector in the UK supports literally hundreds of thousands of people both directly and indirectly and if this lifeline is taken away unemployment will soar.

While the problems in the car manufacturing industry are not the main reason why sterling has fallen again, they do bring into sharp focus the problems which the UK economy is experiencing at the moment and the difficult fight which the government has ahead. Many people are now looking around at other industries which are struggling and considering any potential problems and the impact this may have on the UK economy.

This, as well as the factor that UK interest rates are set to fall sharply over the next few months, has seen confidence and interest in the pound fall to record lows. Quite what it will take to reverse the trend is unknown at this moment in time and the short to medium term outlook is of grave concern.

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