Nevermind whether comments from Conservative shadow chancellor George Osborne can move sterling, who is in charge of looking after Britain’s currency? When the Bank of England was made independent, managing the exchange rate fell through the cracks.
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As if we didn’t have enough of a financial collapse, the UK is also facing that regular curse of the past – a sterling crisis.
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What on earth were people thinking of when they put their savings in an Icelandic bank? What on earth is the chancellor doing baling-out those savers?
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The banking crisis has reached a healthy phase: it is now safe to let a bank go bust. Until now the state has feared one insolvency would cause others.
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Having demanded a stamp duty holiday, the housing industry ungratefully dismissed the one-year suspension as insignificant. But it’s not the start of the holiday that will make people buy, it will be the end.
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Good news: oil has fallen below $100 again. Bad news: the pound is down as well, meaning much of the gain on fuel costs will be missed by UK manufacturers.
