LONDON (Reuters) - Sterling hit a record low against the euro on Tuesday, pressured by a batch of weak economic data and comments from a Bank of England policymaker that helped firm expectations for further UK monetary easing.
Highlighting the scope of the economic downturn, Bank of England policymaker Andrew Sentance on Tuesday said that the current recession is likely to be comparable in length and depth with the three major downturns in the UK since World War II.
By 3:01 p.m., the euro had hit 87.52 pence according to Reuters data -- a level not seen since the euro's inception in 1999.
"If you want to buy sterling after today's figures, well good luck," said a trader in London.
