update version for release

diff --git a/docs/news.txt b/docs/news.txt
index a0e7d35..b58e27f 100644
--- a/docs/news.txt
+++ b/docs/news.txt

@@ -1,8 +1,8 @@
 Changes & News
 --------------
 
-hg tip
-------
+1.4.8
+-----
 
 * Fix for Mac OS X Framework builds that use
   ``--universal-archs=intel``
@@ -13,6 +13,8 @@
   bin/activate`` it will get unset; if you leave it set and do not
   activate the environment it will still break the environment.
 
+* Include pip 0.7.1
+
 1.4.7
 -----
 

diff --git a/virtualenv.py b/virtualenv.py
index 7c09f19..231249c 100755
--- a/virtualenv.py
+++ b/virtualenv.py

@@ -2,7 +2,7 @@
 """Create a "virtual" Python installation
 """
 
-virtualenv_version = "1.4.7"
+virtualenv_version = "1.4.8"
 
 import sys
 import os