Sterling hits new low against the euro

Sterling hit a new low against the euro this evening. At the low point in trading today, £1 bought just under €1.22 - marking the UK currency's weakest performance against the euro since its launch in 1999. The euro's strength comes in the wake of UK interest rates being slashed by 1.5% to 3% last week by the Bank of England. By 6pm, the euro was trading at $1.2766 and at £0.8167. This means of course that shopping up the north is cheaper but its bad news for Irish companies exporting to Britain because their goods become more expensive there.