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British Pound Falling – WSJ Cites Upcoming Election
The WSJ and the Financial Times are crediting the drop in the British pound to the upcoming election. Worth a read though I still think that its more than just politics because politics have been in the background for the past few months. If you haven’t read it yet, read my piece on 5 Reasons Why the British Pound is Being Pounded
The political debate has also turned darker now that the quagmire that would be caused by a hung Parliament is considered a realistic possibility after the coming elections. In such a scenario, the winning party still doesn’t have sufficient Parliamentary support to carry out its legislative agenda without help from other parties.
Read entire WSJ Article -- Sterling Falls on Election Worries
The postelection stakes are large. Credit-ratings agencies have warned the U.K. it could lose its top-notch triple-A rating if the winner of the next election fails to offer a credible plan for fixing the nation’s finances. Any new government plan must address what looks like a still-fragile national economy.