The Great Britain pound dropped today after Timothy Besley, the former policy maker of the Bank of England, said that the economy of the U.K. remains in the fragile state and because of the increasing doubts that the new government will be able to reduce the budget shortage.

The U.K. economy expanded by 0.2 percent in the first quarter, half the pace of the previous three months, while the deficit rose 76 percent to 152.8 billion pounds in the year through March. The three Britain’s main political parties, despite their promises to reduce the nation’s record budget deficit, haven’t specified the measures they are going to take to achieve that goal.

GBP/USD dropped to about 1.5223 as of 13:16 GMT today after opening at 1.5263. EUR/GBP traded near 0.8693 after it opened at 0.8630.

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