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Bloomberg: Worst Yet To Come For U K

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Pound Falls Versus Dollar as Stocks Drop Amid Recovery Concern
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By Anna Rascouet
Oct. 2 (Bloomberg) -- The pound dropped against the dollar, headed for a third straight weekly decline, as U.K. stocks fell amid signs the worst of the recession has yet to pass.
The British currency also weakened against the euro after Nationwide Building Society revised its estimated increase in house prices for August to 1.4 percent, from 1.6 percent. Investors should sell the pound against the dollar amid expected declines in stocks around the world, UBS AG, the world’s second- biggest foreign-exchange trader said today. The FTSE 100 Index of U.K. shares dropped 0.8 percent.

Blindingly obvious IMO due to:

1. Unemployment headed toward 15 year high

2. Bank debt and obligations about to come rattling out the cupboard again.

3. Repossessions loom as jobs are lost and BTLers scramble for exits

4. Global situation is also dire

5. The world's greatest recession is not going away in a record short space of time.

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