The Pound has fallen to its lowest level in nine months as pressure begins to mount on the UK government to make clear its position on its membership of the European Union.
UK citizens have grown increasingly sceptical of Europe as anger mounts over the amount of influence the unelected bureaucrats in Brussels have over their everyday lives. The debacle of the Euro crisis has also done little to enamour the British public to their neighbours across the channel.
Sterling weakened for a seventh straight day after UK opposition leader Ed Milliband criticised Prime Minister David Cameron’s approach to the European Union, branding it as ‘incredibly dangerous’. Cameron hit back by taking to the airwaves telling BBC Radio Four that he wants a ‘fresh settlement’ with Europe and then seek the consent of the British people.
“Europe is changing and the opportunity for us to lead those changes and make changes that will make our relationship with Europe more comfortable I think are absolutely there.
“I am confident we can do that – a fresh settlement and then fresh consent for that settlement, “You have a choice as politicians – do you get out there, lead that debate and make the changes that will be right for Britain – and I would argue right for Europe – and then give people a choice about that or do you stick you head in the sand and hope the debate will go away?”, he said.
Calls for a straight in or out referendum have increased in recent months and with the increasing popularity of the Euro sceptic UKIP party that option cannot be ignored. One thing is certain, the next few weeks and months are sure to be filled with arguments for and against the nations EU membership and uncertainty will remain in the currency market as a result.
The Pound to Euro exchange rate is currently trading at 1.2053
The Pound to US Dollar exchange rate is currently trading at 1.6124
The Pound to Australian Dollar exchange rate is currently trading at 1.5251
The Euro to US Dollar exchange rate is currently trading at 1.3376
The Euro to Pound exchange rate is currently trading at 0.8296
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