Pound Lower Across The Board

The pound is sharply lower for a second day after BoE governor Mervyn King was splashed across the nation's TV screens last night looking like a man who hasn't got a clue what he's doing.

He is of course a big mate of Gordon McBroon (is it just me or does he always look like he's got a sly bit of chewy on the go? Or a caramel that he hasn't quite finished and is saving for later).

So too of course is former HBOS chief Sir James (I was only obeying orders) Crosby.

Having pretty much run out of bullets as far as rate cuts are concerned, Mr King says that the BoE is now ready to take "unconventional" monetary easing measures to revive the ailing economy. The widely quoted "quantitative easing" - which it seems to me is otherwise known as printing more money.

We'll be queuing up with a wheelbarrow full of "Aytron Senna's" just to buy the paper on a Sunday morning before long.

The pound is $1.4150 and 1.1035 against the euro.