Investor says British pound is ‘finished’
Notable American investor Jim Rogers, co-founder of the Quantum Fund, said the British sterling, plunging in value, was a lost cause.
I would urge you to sell any sterling you might have. It’s finished, Rogers said, The Times of London reported Tuesday.
I hate to say it, but I would not put any money in the UK, he said.
The pound fell more than 2 and a half cents Monday, reaching $1.4529, and dropped to $1.396 Tuesday morning, Ihe Times said.
The decline has accelerated recently as the British government may need to extend borrowing to more than $164.96 billion, about 8 percent of the country’s income.
The pound is currently at its lowest point in seven years, The Times said.