The Foreign Office is scrambling to plug a hole in its budget of up to £150m this year as the recent collapse in sterling threatens to cripple the spending power of its embassies, the FT reported. The budgetary troubles follow what the Conservatives have dubbed a “botched experiment” in currency hedging that has left the department facing higher overseas bills than expected.

This entry was posted by Stacy-Marie Ishmael on Thursday, April 9th, 2009 at 4:45 and is filed under Capital markets. Tagged with forex, sterling. Edit this entry.