U.K. currency, equities slide on talk of recession

10/23/2008 | Times (London) (subscription required), The

Mounting market gloom over an impending economic downturn in the U.K. -- predicted even by Prime Minister Gordon Brown and Bank of England Governor Mervyn King -- battered the pound and London share prices Wednesday. The pound fell to some of its steepest losses against the dollar since 1992, when Britain was ejected from the exchange-rate mechanism on Black Wednesday. The pessimism was also emphasized by the latest slump in the FTSE 100, which tumbled by 188.8 points, or 4.5%.

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