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Pound 'level with euro' view; CURRENCY In association with

The pound could be level pegging with the euro within weeks and with the dollar sometime next year if present trends in currency markets continue, it was suggested yesterday by Professor Stephen Haseler, director of the Global Policy Institute at London Metropolitan University.

Sterling has fallen deeply out of favour as Britain's economy sinks into what could be a severe recession and the Bank of England cuts interest rates aggressively below the present two per cent. Yesterday it sank to an all-time low against the euro, which could buy 87.83 British pence, more than at any time since the continental currency started life in 1999.

The pound remained more than a cent shy of the EUR1.5 mark. But on a trade weighted basis against leading currencies it was worth less than at any time since the Bank of England has kept records in this form since 1990.
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Title Annotation:Business
Publication:The Birmingham Post (England)
Date:Dec 11, 2008
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