Pound just dropped below $1.10.
FTSE100 2.3% down.
That's some reaction to a budget announcement.
Whatever about the Euro's weakness against the dollar (and it has dropped massively in the past year, 30% peak to today), the pound was at $2 back in 2007!
Former US Treasury Secretary Larry Summers tells Bloomberg: “It makes me very sorry to say, but I think the UK is behaving a bit like an emerging market turning itself into a submerging market.”
Summers: “Between Brexit, how far the Bank of England got behind the curve and now these fiscal policies, I think Britain will be remembered for having pursuing the worst macroeconomic policies of any major country in a long time.”
Summers: “It would not surprise me if the pound eventually gets below a dollar, if the current path is maintained…This is simply not a moment for the kind of naïve, wishful thinking, supply-side economics that is being pursued in Britain.”
Fock yeah, Tories..........
