'We’ve seen currencies move around as currencies do'
Remember the early moments of 24 June 2016 when an unexpectedly pro-Leave result came in from Sunderland and it became clear that Britain was headed out of the EU? Remember how Sterling fell off a cliff?
Theresa May now says that Brexit wasn’t actually to blame for the 17 per cent slide in the currency. Speaking at a press conference in Canary Wharf this morning, she said:
“If you look at what happened to Sterling, Sterling had started to fall back before the referendum vote came through. So there have been adjustments to Sterling. It isn’t just that Sterling has gone down. We’ve seen currencies move around as currencies do.”
This is a grotesque misrepresentation of the truth. Sterling did not behave like any normal currency. As Will Martin of Business Insider points out, on 24 June the pound suffered the biggest single day drop of any major currency in history.
If May insists on pursuing her destructively hard Brexit, the least we can expect is honesty about the consequences. Instead, she’s offering alternative facts worthy of Donald Trump.Like this article? Sign up to Left Foot Forward's weekday email for the latest progressive news and comment - and support campaigning journalism by making a donation today.
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