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Bank charges: Economy would be damaged if pound weakens

The economy could be damaged if the pound is weakened any further.

Ian McCafferty, a member of the Monetary Policy Committee for the Bank of England (BoE), told the Yorkshire Post that there would be high consequences to inflation rates if the pound were to fall further very rapidly. This rise in inflation could stand to damage the economy.

Recently the pound had been falling against the value of the dollar and the euro due to the weak domestic economy and the recent downgrading of the UK’s credit rating from AAA to AA1.

However, sterling rose again last week after the governor of the BoE, Sir Mervyn King, said that he felt the pound was now properly valued and is unlikely to fall further.

The current rate of inflation in the UK is at 2.7 per cent but the BoE is aiming to bring this down to two per cent. During a Monetary Policy Committee meeting it said that this will take longer than was initially planned.

Charles Baker

Charles is a reputed financial analyst with decades of experience under his belt.ADNFCR-2776-ID-801558147-ADNFCR

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