Pound's declined 1.5% versus the US dollar today and is down 1.8% against the euro because the indications are the base rate won't rise again soon. The Bank of England, along with the Yank Fed, etc, know that if they don't keep real interest rates negative then all the financial bubbles they created with cheap credit, QE, stock buybacks and pumping 15 trillion dollars of magic money backed by nothing into the system since 2008 will bring the whole shite show to its knees.