The GBP enjoyed a brief period of strength in the immediate aftermath of the release of February inflation figures and it was helped further when Swervyn Mervyn King told the UK Parliament’s Treasury committee on Tuesday that he saw no reason for GBP to fall further. But the next day, a poorly received 40-year gilt auction sent the currency back into a tailspin, raising issues about just how the UK government intended to pay for all of its spending.
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