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Previously on "€1.11/£ - Flash crash my lower rear anatomy"
The trouble is, past devaluations of sterling have not always led to greater competitiveness.
In the 1960s, they were a cover for higher government spending.
In the 1970s, they were an excuse for an inflationary wage-price spiral that left nobody better off. This time, we should make sure a cheaper pound strengthens our economy.
And all from a writer of fiction
he aslo mentioned was:-
It [the pound] is now the second worst-performing mainstream currency in the world this year, second only to another peso, the Argentinean one
To capitalise on this one, we need to find ways of targeting industries that can exploit a cheaper pound,
The trouble is, past devaluations of sterling have not always led to greater competitiveness.
In the 1960s, they were a cover for higher government spending.
In the 1970s, they were an excuse for an inflationary wage-price spiral that left nobody better off. This time, we should make sure a cheaper pound strengthens our economy.
Labour govt. Unions. Strikes. Negative productivity.
Gordon Brown school of leftist economics. Therefore totally ****ed.
A lower pound will not necessarily help all exports, the way of manufacturing and business have changed. For example the UK will not be capable of producing a car from start to finish without importing. Companies like Easyjet are already suffering due to the drop in the pound
Labour govt. Unions. Strikes. Negative productivity.
In a radio and television broadcast this evening, the Prime Minister said devaluation would enable Britain to " break out from the straitjacket" of boom and bust economics.
Gordon Brown school of leftist economics. Therefore totally ****ed.
In 1967, the UK government of Harold Wilson devalued the Pound from $2.80 to $2.40 (a devaluation of 14%).
After the devaluation, there was no economic miracle, growth remained below our competitors, inflation rose and it did not solve the underlying issues in the UK economy.
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