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Sterling hits five-month low against euro

Sterling today hit a five-month low against the euro amid growing concerns that the UK economy is poised for a significant lurch downwards. There is growing pressure on the UK business arena and UK banks are now banding together to create a £1.5 billion rescue package with the UK government on the verge of increasing fiscal stimulus programmes in the UK. All in all this does not bode well for the short to medium term and the currency movement over the last few weeks perfectly reflects this.

As we saw earlier this week, despite the fact that sterling is at a relatively low level compared to the likes of the dollar and the euro this has not assisted exports in the short term with recent trade figures highlighting this. Many economists believed that exports from the UK would ultimately save the UK economy, at least in the short term, but this does not seem to be panning out as many had expected and hoped. It will be interesting to see how quickly the banks are able to put together this £1.5 billion rescue package for small to medium-sized businesses because there is no doubt that money is required now!

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