I’ve always considered that a strong currency is a badge of a country’s economic wellbeing – cheap foreign holidays being a nice bonus.
 
I don’t make a habit of quoting Shadow Chancellor George Osborne but he was spot on when he berated the Government for overseeing a 25 per cent depreciation in the value of sterling over the last year.

It outstrips the devaluations under Jim Callaghan and Harold Wilson. The fall is even larger than the 18 per cent  in the year after Black Wednesday in 1992 when the Tories were in office.
 
As Osborne said on Friday as the pound plunged: “Devaluation is a new Labour record...It's a sign that international investors think Britain is badly prepared, as boom turns to bust."
 
The pound’s weakness reflects concern that Alistair Darling is going to have to borrow heavily to plug the holes in the economy as they appear when the recession really starts to bite.
 
Piers Cracknell, commercial director at currency specialist Moneycorp was worried about the effect of what he called the “lame-duck pound” on the cost of imports into the UK.
 
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It provided much needed light relief that I am happy to share with you.

Comfort eating is alive and well and prospering in the Square Mile. I don’t know if you have any special foods you turn to when life gets you down but for City folk it looks like it’s a plate of bangers and mash.

Contrary to the myth heavy lunchtime drinking at lunchtime is frowned on in the City but solid meals bring solace for those that can get away from their dealing desks.

The email related how London restaurateur Herbert Berger, chef patron of City restaurant 1 Lombard Street - sited directly opposite the Bank of England - had compared current customer orders to those of 2007.

He noticed a substantial increase in requests for hearty plates of food that would sooth even the most troubled financial souls.

Bangers and mash, braised and stewed meat dishes ...

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The banks have seen their stock market value plummet by a total of £148 billion from their highs over the last three years, according to a recent calculation by DigitalLook.com, the financial information website.
 
“This huge loss in value of shares will largely be borne by pension funds, insurance companies and small private investors,” said Andy Yates, director of Digital Look this week.
 
The average UK pension fund has around 25 per cent of their investments in UK equities. In his opinion the losses will help force down pension payments – as well as push up the cost of life, car and house insurance.
 
He doesn’t attribute blame for this sorry mess but the causes are plain. True, there has been a slowing down after the years of growth in the global economy which will set back the bank sectors’ earning potential – one of the most important measures in influencing share prices.
 
But there has been a rush for profits by many banks that ...

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