Pound set to fall as government promises to borrow out of recession!

The pound will fall during the course of the day as the markets work out that this government is going to try to borrow its way out of recession.

Ignore the comments about all governments around the world doing the same, its tosh. The Chinese have stacks of cash so are not borrowing and no serious country is looking at budget deficits as big as ours.

Expect the pound to hit a 52 week low today, and for the record it would have to go below $1.45.5 to £1.

The BBC has this on the current rate of the pound.