UK IMMIGRATION NEWS

Pound hits 26 year high against US dollar

Tuesday, 30 October 2007

The British Pound has risen to a quarter-century high against the US dollar. The rise comes as a result of speculation that the Bank of England will keep its interest rates at their current high. £1 pound sterling currently buys $2.0657 USD. The last time that the pound traded at this level was in mid-1981.

Despite its own high-risk lending crisis, the UK economy still outgrew economist's predictions over the last quarter. This may be due to the relative strength of the UK property market, which has seen rapid growth over the past several years - over 100% in some parts of the country. The UK's highly diversified economy grew by almost 1% over the previous quarter, showing its ability to weather an international economic storm. The UK's economic strength and diverse job opportunities will continue to make it an attractive destination for migrant workers, further supporting sustainable economic growth.