British Pound Crashes to New Lows as Economic Crisis Deepens :: The Market Oracle

"The fast developing sterling crisis illustrates the systemic failure of the Bank of England and Labour Government to manage both the economy and the credit crisis and marks another marker following last weeks panic interest rate cut of 1.5%, as the government took control of monetary policy back from the Bank of England and effectively ordered the Bank to cut interest rates by 1.5% despite inflation hitting 5.2%."

Then head across the English Channel and into Germany, where a recession is well under way.