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Pound's Fall Fails to Give Expected Lift to British Exports
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The British pound decline of 22% against the USA dollar so far this year 2008, and a decline from a high of $2.116 in November 2007 to $1.5388 on November 11, 2008, is unlikely to help exports in 2009, and unlikely to help exports as long as other countries economies are weak and import fewer British goods. Also the shift in the recent years to exporting goods and services to less price sensitive goods such as pharmaceuticals and creative industries will reduce the export bounce effect compared to its effect in 1992 when the pound declined.
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