The Pound continued to fall this morning, below $1.55 in early trade, as traders take account of Britain's parlous financial state.
However, those who believe that a country's machismo can best be displayed by a strong currency are seriously misguided. A falling pound, under the current circumstances, will be of great benefit to Britain's exporters.
That said, the Bank of England has a duty to cut interest rates swiftly and aggressively in order to lessen the effects of the recession.
The longer the Bank dithers, the worse it will become.