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SUNDAY, NOVEMBER 8, 2009
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Pound Craters After Latest Grim Stats

British currency falls to $1.56 amid recession fears

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(Newser) – The British economy shrank by 0.5% last quarter, all but confirming that the UK is in its first recession since 1991, reports the Times of London. The decline is greater than expected, and this week both the prime minister and the head of the Bank of England acknowledged that a recession is likely. The news sent the pound falling, dipping to $1.56 for the first time in five years.

Gordon Brown leaves 10 Downing Street in London to attend Prime Minister's Questions, Oct. 22, 2008. Brown acknowledged for the first time Wednesday that Britain is likely to enter a recession.
Gordon Brown leaves 10 Downing Street in London to attend Prime Minister's Questions, Oct. 22, 2008. Brown acknowledged for the first time Wednesday that Britain is likely to enter a recession.   (AP Photo/Matt Dunham)
British Prime Minister Gordon Brown listens to questions after an EU summit in Brussels, Thursday Oct. 16, 2008.
British Prime Minister Gordon Brown listens to questions after an EU summit in Brussels, Thursday Oct. 16, 2008.   (AP Photo/Yves Logghe)
Bank of England governor Mervyn King leaves 10 Downing Street after meeting the prime minister, Gordon Brown. King said Tuesday that it is likely that Britain is entering a recession.
Bank of England governor Mervyn King leaves 10 Downing Street after meeting the prime minister, Gordon Brown. King said Tuesday that it is likely that Britain is entering a recession.   (AP Photo/Alastair Grant/file)
The pound fell to a five-year low against the dollar after new figures showed Britain is almost certainly in a recession.
The pound fell to a five-year low against the dollar after new figures showed Britain is almost certainly in a recession.   (©TomK32)
The pound fell to a five-year low against the dollar after new figures showed Britain is almost certainly in a recession.
The pound fell to a five-year low against the dollar after new figures showed Britain is almost certainly in a recession.   (©computerjoe)
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