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recorded history against the us dollar come augu5t recorded history against the us dollar come august to the level of parity, ie one pound equals $1 but that was in thin trading on monday morning in the asian se55ion that was in thin trading on monday morning in the asian session and it then rebounded and has edged back a bit this morning but we are still around $1.06 to the pound, so roughly where we were at the end of last week, 5till marking a broader downturn for the pound against the dollar. if you look at borrowing costs in the uk tho5e dollar. if you look at borrowing costs in the uk those have risen and that�*s the most obvious worry and concern, not only are you having to borrow more because of the tax cuts but it will cost more for that borrowing and putting the uk government in a double bind. i think it is really the fact that while the pound might be quite calm at the moment it is the borrowing levels people are concerned about, the cost of the borrowing putting further pre55ure of the borrowing putting further pressure on the government, and if they announce further tax cuts that means intere5t they announce further tax cuts that means interest rates have to rise further and a5 means interest rates have to rise further and as everyone knows with their own borrowing in households that usually co5ts their own borrowing in households that usually costs more as well. hagar that usually costs more as well. how are investors — that usually costs more as well. how are investors likely _ that usually costs more as well. how are investors likely to _ that usually costs more as well. how are investors likely to react to the are inve5tor5 likely to react to the conditions you have just described? i think you will see a greater