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U.S. markets recover from steep losses
LONDON, Sept. 11 (UPI) -- The British pound slid to a 28-month low against the U.S. dollar Thursday after a key policy maker predicted rising unemployment.
David Blanchflower, a member of the Bank of England's Monetary Policy Committee said unemployment in Britain would rise by 60,000 a month for "several months," the Times of London reported. Currently, 1.67 million people are unemployed in Britain. The unemployment rate is 5.4 percent.
The pound fell to $1.7450 against the dollar.
Blanchflower, who described his views as "doom-laden," said he expected inflation to rise from 4.4 percent to 5 percent. The central bank's target rate for inflation is 2 percent, the Times reported.
Blanchflower spoke to reporters alongside bank Gov. Mervyn King, who said Britain faces "a difficult, but temporary, period during which inflation will remain high for a while and output growth at best weak."
In 2008, Blanchflower has consistently voted to the bank's key interest rates, which have remained at 5 percent since April.
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