The value of sterling nosedived this week after governor of the Bank of England Mark Carney ruled out a rise in UK interest rates in 2016, citing weak economic growth in the UK and the continuing turmoil in global financial markets.Sterling fell to more than £0.77 against the euro after Carney’s announcement, its weakest point against the single currency in over a year. With €4.4bn or 41% of Irish food exports sent to the UK last year, the sudden depreciation of sterling against the euro will be a major concern for Irish exporters.