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BoE response on sterling: Crisis - what crisis?

Thursday 11th March 2010
By Mike Jones

A senior Bank of England official has dismissed fears of a dramatic drop in the value of the pound.

American Adam Posen said he was "comfortable" getting paid in sterling.

"I am paid totally in pounds," he told "Jeff Randall Live" on Sky News. "I moved here. I'm pretty comfortable with that. If you and I got back together in six months and for some reason the Government hadn't passed a Budget, we would be in a different world."

In 2010 so far sterling has fallen almost 8% against the US dollar and 2.5% against the euro - all the more worrying considering the problems faced by the euro.

"There’s always a danger of reading too much into short-term currency moves," Posen said.

"Right now, they’ve got bored with beating up on Greece, they have to find something else to do, so they’re turning around to us."

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