Mr Clarke said that the drop in the value of the pounds this week was just an indication of how the 'markets could take fright' Photo: CLARE KENDALL The shadow business secretary said another Labour term would cause the pound to plunge, gilt yields to soar and Britain's credit rating to be "put seriously at risk." "Interest rates would hit the Government, the taxpayer and business while choking off a feeble recovery," he said. "Mortgage rates would rise sharply for millions."   Related Articles Sun shines on Tuesday's Gilt market Clarke: UK faces 'financial crisis' if Labour wins Election worries put new pressure on pound Pound slumps over fears of election stalemate Debt markets suffer a crisis of confidence Ken Clarke: Government should be frank about need for spending cuts Mr Clarke said that the drop in the value of the pounds this week was just an indication of how the "markets could take fright over the prospect of the irresponsible, profligate Gordon Brown government somehow hanging onto office for another five years.[Read more...]