Why is "The Pound" so weak against the Euro ?

Not so sure I agree with your assertion.  It was lower 12 months ago and24 months ago.  In January 2009 it was trading below 1.04

It's been trading in the range of 1.12 to 1.22 for around a year.

On or around the 10th jan 2011 it iwas about 1.20 , End of march 1.13 .... dunno about you but I would call that a weakening of the Pound against the Euro.