Pound trades against Dollar at lowest levels since 1985

Commenting on the Pound's fall against the Dollar, Stephen Heath, Chief Executive of FairFX.com, said: "Sterling has continued to collapse against the Dollar falling to just $1.35 to £1 earlier today, its lowest rate since 1985. When measured against a basket of currencies Sterling has collapsed by approximately a quarter, more than any previous devaluation in the past century.

"The escalation in the banking crisis and news that we have officially entered recession has led to investors dumping Sterling in favor of more secure assets and the Pound falling to its lowest rate against the Dollar in almost a quarter of a century."