Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Pound Weakens Versus Euro After BOE Minutes, U.K. Deficit Report

March 21 (Bloomberg) -- The pound weakened against the euro and erased its gain against the dollar after the minutes of the Bank of England’s March 7-8 meeting showed two policy makers voted to add more stimulus to the economy.

Britain’s currency depreciated 0.4 percent to 83.67 pence per euro at 9:35 a.m. London time. It was little changed at $1.5854, after advancing as much as 0.4 percent to $1.5923.

Policy makers Adam Posen and David Miles wanted to increase the target for bond purchases by 25 billion pounds to 350 billion pounds, the minutes showed. The seven remaining members voted to keep the current 325 billion-pound target. The Monetary Policy Committee also voted 9-0 to hold the benchmark interest rate at 0.5 percent.

Britain’s budget deficit almost doubled in February as taxes fell and spending surged, a separate report showed.

To contact the reporter on this story: Emma Charlton in London at echarlton1@bloomberg.net

To contact the editor responsible for this story: Daniel Tilles at dtilles@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.