Logo of The Daily Telegraph, a British newspaper. Español: Logo de The Daily Telegraph, un periódico británico. (Photo credit: Wikipedia)

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.

Source: Inflation: next year’s ticking time bomb

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.

Thoughts?

Related articles

• If Europe insists on a hard Brexit, so be it
• Cabinet considers plan to keep City’s single market access by ‘paying billions to EU’ after Brexit
• Theresa May Brexit strategy could depend on giving London more autonomy
• The EU’s failed negotiations with India show why post-Brexit trade deals will be nearly impossible
• Prices of London’s most expensive homes won’t rise until 2019
• Theresa May tries to reassure EU leaders’ summit on Brexit
• Brexit & Beyond: A Vote on Final Deal; Inflation Up; France Clears the ‘Jungle’
• Bank of England sticks with rate cut signal despite Brexit bounce
• Inflation: next year’s ticking time bomb
• Liam Dann: How the economic centre has shifted left