By Nigel Hodges of Currency Solutions

A bad start to the week for Gordon Brown AND sterling!

After having broken his own sustainable investment rule, limiting government spending and borrowing to 40% of Britain's gross domestic product, it was announced on Tuesday that dipping into the public coffers had reached the highest level since records began more than 60 years ago.

Attempts to rearrange the dating of the economic cycle have inevitably come round to bite him on the behind, perhaps because there are few places to hide a budget deficit of £24.4 billion (for the 3 months to June).

Battered sterling