The British government faced strong criticism yesterday over the strength of sterling after Rover confirmed plans to shed 1,500 jobs and ICI became the latest in a line of exporters issuing profit warnings.
Rover blamed the cuts entirely on sterling's strength and announced plans to import cheaper components from outside Britain in a move which will hit around 20,000 British jobs.
Meanwhile, shares in ICI fell sharply as the company warned that sterling was set to damage profits for the year.
The company's stocks fell by more than 14 per cent, wiping £950 million off its market value. In the first six months of the year alone, sterling's strength wiped more than £40 million off ICI's trading profits.
:quality(70)/cloudfront-eu-central-1.images.arcpublishing.com/irishtimes/VR3765MFOBH2NMV2QNICYDF67M.png)