The Pound dropped to a 13-month low after U.K. Prime Minister David Cameron revealed his government uncovered “very bad” spending decisions by the previous administration.
Property website Rightmove said today that asking prices for British homes rose more slowly in May than they did in April, in a sign that the past year's rise in house prices may be cooling off.
The Bank of England expects a weaker Pound going forward as their quarterly report states that “It is possible that Sterling’s depreciation may be part of a more prolonged process of rebalancing of the UK economy, generating a fall in the long-run sustainable real exchange rate”.