This is a seriously scary article from Ambrose Evans-Pritchard, Business Editor at The Telegraph. He claims that the last time sterling fell off a cliff we were in the midst of global financial crisis from 2007 to 2008.
Some doubted that Brexit would ever happen and others thought a bit of protest voting would keep the politicians in place. Now Brexit is about to crash down on the UK’s poorest. Once upon a time the Labour Party defended the interests of the poor – now it seems it will be everybody for themselves.
Of course, Theresa May could change matters easily by signalling that she would prefer a Soft Brexit. But I sense that the lady feels that the UK needs to feel a bit of pain so that her eventual Brexit strategy will be willingly accepted. By next year most Britains will have their own trade-off between economic hardship and immigration controls.
All the pain could have been avoided by a few honest politicians but it’s now too late and the melt-down spirals downwards with financial markets keeping up the pressure.