Brexit Means Banana Republic

Not only does independence from the EU not mean an extra £350 million per week for healthcare, even if it did, £350 million is worth less and less every week.

Author:
Jon Shazar
Publish date:
May 31, 2022

Not only does independence from the EU not mean an extra £350 million per week for healthcare, even if it did, £350 million is worth less and less every week.

They promised milk and honey. They promised sunshine and no rain. And on those counts, at least, it must be said that the Brexit-backing crew led by a criminal prime minister have, in a sense, delivered: Every day, the United Kingdom looks more and more like certain other, better-weathered island nations.

“The challenges facing the BoE are unique along with a supply dynamic that it remains wholly unwilling to discuss: Brexit. This has resulted in a confusing communication strategy: hiking rates against a sharply slowing economy is never a good look for any currency,” [Bank of America strategist Kamal] Sharma said…. “Investors are increasingly discussing GBP as taking on emerging market characteristics whilst parallels to the 1970′s resonate as being one of the worst post-war decades for the UK.”

Well, now that they’ve taken back control, they can follow the lead of their fellow emerging market El Salvador and ditch the plummeting pound—not for the euro, of course, that would be silly: for bitcoin.

British pound is taking on ‘emerging market’ characteristics, Bank of America says [CNBC]