Sterling: A story of two halves

The UK economy has had a ‘fairly good crisis’ so far. To be sure, house prices have dropped by 22% from their peak in mid-2007, GDP at the trough contracted by a maximum of 6.5% points and unemployment has risen from 5.3% to 7.7%. But the UK economy has bounced back vigorously, owing much to the government’s efforts to rescue the financial sector and the Bank of England’s low interest rate and quantitative easing policy.

Oddly then – and despite the economy’s reliance on the financial and

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