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Andrew Sentence spooks the currency markets

Andrew Sentence, a member of powerful Bank of England monetary policy committee, has today spooked the currency markets with a suggestion there is some risk of a double dip recession in the UK. The pound immediately lost 1.5 cents against the dollar and there are concerns about further weakness in the short to medium term.

This is not the first time over the last two weeks that the Bank of England has released negative comments regarding the UK economy at a time when many had hoped it had turned the corner. There is a growing feeling that the Bank of England is readying investors for bad news in the short to medium term just as we approach the next general election with Gordon Brown doing better in the polls than he has done for many months.

It is also the very fact that Andrew Sentence is seen to be one of the more "hawkish" on inflation that has added more concern to the investment markets. The UK economy is currently at a crossroads and there is significant risk that ongoing negative comments from the Bank of England and overseas political groups could inject further scepticism into the UK. We could effectively see consumers and businesses talk themselves into a double dip recession.

The confidence of consumers and businesses in the UK is a vital part of the recovery jigsaw - but has it yet materialised?

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