Date:23/10/2008 URL: http://www.thehindu.com/2008/10/23/stories/2008102356091700.htm

Business

British pound slumps

LONDON: The British pound on Wednesday slumped by nearly five U.S. cents against the dollar to its lowest level in five years after Bank of England Governor Mervyn King hinted at further interest rate cuts to come and warned that the British economy is now likely in recession. The pound was down to $1.6264 in early London trading.