Why we should celebrate the fall of the pound – and keep it low
From our UK edition
The fall of the pound has been the political event of the week, but is it all bad news? Many thanks to Civitas for allowing us to republish the below essay, an extract from a pamphlet (pdf) about the merits of a low currency and case for keeping the pound at its new competitive levels. Many people in the market and much of the commentariat are currently concerned with the recent weakness of the pound on the exchanges. They are barking up the wrong tree. The real sterling crisis is that the pound has been too high. Accordingly, the Brexit-inspired bout of sterling weakness was extremely good news for the British economy.
