The Telegraph (HERE) is reporting the pound trading at a record low on a trade weighted basis (against the currencies of our main trading partners). The text gives an explanation but things are getting even worse.
Today the pound was trading at $1.22! If interest rates have to rise to counter the slump God help us!
Amazingly the ex boss of HSBC and an enthusiastic Brexiter Mr XXX says it's nothing to do with Brexit (HERE) and more to do with our lack of competitiveness!! Did he think the slump in sterling on 24th June was a coincidence? This is the shape of things to come. Brexiters are going to deny every piece of bad economic news is in any way connected with Brexit.
He admits we haven't exported enough since 1997 (and well before this in my opinion) and the Mail reports Liam Fox (HERE) saying we need to export more to exploit glorious joy of free trade!!! It would have been wiser to address the deep seated problems of a lack of export competitiveness then go the Brexit - but no they've chosen to do it the other way round.
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