Quote:
Originally Posted by Margaret Pilkington
The main problem is that we, as a country have no savings......when Gordon was Chancellor he said there would be no more boom and bust....he believed his own spin so much that he thought he could sell the family silver.....and look where it has got us.
I know the financial situation is of worldwide dimensions, but surely that was because a lot of the money markets were based here........when the banks in the US sneezed, all the financial organisations were affected by the lack of confidence in British money markets.
The media then 'talked down' sterling, finance and british business, any efforts made to rectify the situation were too little and far too late.
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Margaret...you have hit the nail on the head...It was the pundits and the governer of the bank of England who drove down sterling and the government did nothing to stop it.
Exports are cheaper yes....but there is no money to support it.
Why should I now buy from China, as I have always done when sterling will only buy 75% of what I was paying 1 year ago...why should I buy sterling with euros at equal parity.......no bloody way.
Sterling will have a deep effect on many currencies and many people who would have taken sterling in the past as a reliable currency will no longer take it.
We are and the pound is in a mess.