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Pound tumbles after Bank of England report

by LLB Reporter
2nd Feb 17 2:22 pm

Take a look at the figures…

The pound has fallen once again after the Bank of England’s latest forecast gave very few signs of an early interest rate rise.

The Bank has upgraded its growth forecast to two per cent, interest rates have stayed the same at 0.25 per cent.

Markets felt there was no real change to the Bank’s stance, so therefore the pound fell drastically.

Against the dollar, the sterling fell by more than cent to $1.2549, it also dropped 1.1 per cent against the euro to 1.621 euros.

The benchmark FTSE 100 share index saw a rise due to the falling pound, it was up 46.64 points at 7,154.29.

Many multinational firms listed on the FTSE 100 will wreak the benefits of the falling pound, this is due to the fact that earnings made overseas are worth more once there converted back into pounds.

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