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Pound up against the dollar
Monday 17th November 2008, 11:54AM GMT.
Sterling rose against the dollar today in defiance of shadow chancellor George Osborne’s warning the pound could collapse.
The pound rose by around 1.3 per cent against the dollar to $1.4896 at 11:15 GMT and to €1.1766 against the euro.
However, sterling is still at historic lows, falling 25 per cent against the dollar this year.
Conservative frontbencher Mr Osborne told a newspaper in an interview on Saturday a failure in government policy may lead to a run on the pound, leading to its collapse.
He also accused the government of abandoning fiscal policy and allowing debt to balloon, endangering the pound.
The Labour party hit back, criticising Mr Osborne for risking a tumble in sterling on the back of his comments.
Mr Osborne has defended his comments by insisting his job is to tell the British people the truth about the economy.
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