Pound Sterling Sees a 3-Year Low

Following a 1.5% contraction in the United Kingdom's manufacturing sector in January, the pound sterling has fallen to $1.48. This is the lowest it has been since 2010. The slump has mainly been credited to a reduction in the production of pharmaceuticals and building materials, as well as North Sea oil and gas investments. Coupled with a contraction in growth, exports, and in national income, this has led to fears of a triple-dip recession– a common concern from the last two years. The hope is that the chancellor will implement varied and strong policies to boost growth post a budget debate, but the economy still faces many adversities. But given that the US, Japan, and Germany are slowly pulling out of the recession, and are supplemented by the growth of demand for UK goods in countries like Brazil, China, and India, there is some hope for a recovery.

http://www.guardian.co.uk/business/2013/mar/12/recession-manufacturing-slump