Travelex says money markets very volatile after election

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Travelex says money markets very volatile after election

The result of this week's general election in the UK is crippling the pound and the political parties sharing power in the expected hung parliament must come up with a plan to salvage the country's economic recovery, it has been suggested by Travelex.

Head of the UK trading desk at the firm Mark Bolsom noted that indecision by the government will cost the economy dearly and cause sterling to decrease further in value.

He highlighted the "spectre of political uncertainty" as being a key factor in the negative trends being seen.

Mr Bolsom remarked: "A hung parliament really is the worst possible result for the pound and foreign exchange markets are very volatile this morning."

The finance expert explained that the money markets are worried that this form of government will make it harder to come up with a credible deficit reduction plan, which is scaring off investors.

It was confirmed this morning (May 7th) that while David Cameron and the Conservatives have won considerably more seats across the country, they are short of a majority.

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