Gerald Lyons, the former advisor to Boris Johnson, was on Radio 4 this morning saying the slump in the value of the pound would have happened anyway regardless of the referendum result. He joined David Davis and Mervyn King (HERE) and others in welcoming Sterling's decline in value. The Telegraph also says the fall is overdue (HERE).
This is going to push up the cost of imports and make our current account deficit even worse. Exports become cheaper but whether this will have a significant impact is debatable. It is all beginning to look like the politicians have started something that they may find hard to stop.
Sterling is trading well below $1.23 this morning and shoppers are being warned of price rises to come (HERE).
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