January 29, 2009 / 6:11 PM / 10 years ago

Bank's Blanchflower sees pound undervalued

NOTTINGHAM, England (Reuters) - Bank of England policymaker David Blanchflower said on Thursday he was bullish on the pound and believed the currency was undervalued.

Asked whether there was a risk of a run on the pound, Blanchflower told an audience at the University of Nottingham: “I’m bullish on the pound. I actually said the other day I was bullish on the pound. It’s undervalued.”

The pound has weakened in recent months against the dollar and the euro as the severity of Britain’s recession has become clear.

Blanchflower also said he hoped a recent sharp fall in employment in Britain would mean there was a faster recovery than in previous recessions.

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