Further economic doom and gloom occurred today as the pound hit another record low against the euro.

The pound reached €1.12, down from the beginning of the year when a pound could buy more than €1.35.

The changes mean an €80 meal which would have cost £59.26 at the beginning of the year will now cost £71.43 while a €5 beer is now worth £4.46 as opposed to £3.70 in January.

The further slide in the currency occurred after the Confederation of British Industry today warned of a sharp downturn in manufacturing in the British economy.

Those looking for some good news over the economy will be cheered to know the pound has risen a cent today against the dollar, making it worth $1.49.

Economists are also predicting the pound may rally against the euro should the 15 members of the eurozone see their own economies continue to weaken.