The Pound fell to a 7-year low earlier this week following the Bank of England Governor Mark Carney’s comments regarding there being little need to raise UK interest rates off of their record low, dampening many investors hopes of seeing a UK interest rate increase in the near future.

Having chosen not to follow the US Federal Reserve’s decision in December and raise rates for the first time in nearly a decade, Carney said ‘Britain was a more open economy and more susceptible to the global slowdown in demand for exports and investment’ and that it had always been that way.

The International Monetary Fund (IMF) downgrading its forecast for global growth by 0.2% this year, the recent plunge in oil prices and rapid slowdown in China have all taken their toll on sterling investors who are still smarting from Mark Carney’s comments on Tuesday morning.