The pound has continued to fall against the US dollar, hitting its lowest level since April 2006 on fears that the UK is heading into a recession this year.
Sterling fell to a low of $1.7771, and was recently trading at $1.7668. The weak pound weighed on shares, and the FTSE 100 stock index lost more than 2%.
Sterling has fallen sharply over the past month, down from July highs that saw one pound buying two dollars.
Wednesday's slide comes as the Bank of England starts a rate-setting meeting.
The Bank is due to give its verdict on interest rates at midday on Thursday, with most analysts expecting it to keep borrowing costs unchanged at 5%
news.bbc.co.uk/1/hi/business/7595518.stm
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