Business

Pound at Five-Year Low Against Dollar on Weak Output

A series of British pound bank notes are displayed in central London, Jan. 20, 2013. (AP Photo)
A series of British pound bank notes are displayed in central London, Jan. 20, 2013. (AP Photo)

(BBC) – The pound has fallen to its lowest level against the dollar for nearly five years on weak UK industrial output figures and uncertainty over the outcome of the election.

Sterling fell as low as $1.4618 before recovering slightly in late trading.

Earlier, the Office for National Statistics (ONS) said UK industrial output figures rose by just 0.1% in February from January.

The small increase was below analysts’ forecasts for a 0.3% gain.

A number of opinion polls that showed Labour ahead of the Conservatives also unsettled traders.

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