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The pound fell sharply against the dollar last night, hitting $1.474, its lowest level in more than a year, amid fears that Tory promises to tackle Britain’s massive deficit might crumble if the party is unable to put together a majority government.

Sterling had already suffered its biggest one-day drop since last October yesterday as markets around the world awaited the outcome of the British general election and fretted over an inconclusive result as well as continuing concern that the Greek debt crisis may spread to other parts of Europe.

As the polls closed, stock markets around the world were reeling from a tumultuous day as shares were buffeted by the Greek debt crisis, with the FTSE 100 Index falling more than 1.5 per cent and New York’s Dow Jones down about 3.20 per cent over concerns about high levels of European government borrowing.
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[quote[britons went on ten million fewer trips abroad last year as the recession hit foreign exchange rates.

 

Families and businesses saved £5.1billion by cutting 15 per cent of foreign visits, the biggest annual fall since the 1970s.

 

For many, the deciding factor was the fall in the value of the pound against the euro and the dollar

 

Still down there in the 130s. How are other currencies doing?

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There will not be many countries where a 15% fall in trips overseas equals 1/6 of the population. Japan has double the population but makes less than twenty million trips in total.

 

The ConDems say they are doing everything for deficit and to keep the faith of the markets, so maybe the pound won't fall further.

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I haven't really looked into this at all but it's amazing that not that long ago it was 240 yen to the pound and now it's 140 yen. Japan would seem so much cheaper at that older rate, come back please!!

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