Pound-Dollar parity now a one-in-four chance

[sunnydaytoday0]

Anyone else worried about implications of the continual slide in the value of the pound against the dollar on our economy? I know the dollar is strong at the moment, but sterling fell sharply on Friday after the mini budget losing another 3% of its value to a 37-year low. Asian markets have opened and it's now below $1.0770, down about 0.8% from Friday. Sterling's all time-low is around $1.05. According to Bloomberg there's a 1 in 4 chance parity will be reached within 6 months.

It's not just going to be much more expensive going to the states but a lot of our imports will become even more expensive, including fuel, foods, cars etc.

Is this just something we will now have to suck up and accept as an effect of the government's fiscal policy - trying to finance such huge national borrowing amidst our deteriorating economic backdrop?

@MrsTerryPratchett Absolutely! The Tory's know they have royally screwed it up ! When even Rees Mogg is selling his company, you know there's trouble ahead

Sky is reporting Tory MPs are putting letters in.
Do they not realise that this show of incompetence is what is tanking the economy? It's like they think nobody is watching

@Kendodd, you’ve been here as long as I have. You know I’m as far from a Tory voter as it’s possible to get. But there’s no point in the acrimony. Tory voters won’t own the mess, haranguing them just makes them double down. It’s a waste of pixels.

We are in the first stages of a major currency crisis in the UK.

This is what happens when you let people into power who favour ideology over experience.

Their internal ideological reality distortion field is ALWAYS crushed by reality.

The next 12 months will make most of us poorer in the UK. But the bottom 50% will be smashed to smithereens.

Venezuela us?

No one is looking at the bright side here: so much easier to calculate between the € / $ / £ now that they are all basically at parity 😝