Letter: Strong pound

AM I alone in feeling mystified by the growing reaction against a strong pound? For decades its fall was a cause of shame and we eyed the mighty dollar or the impregnable Swiss franc with envy. What has changed?

Does not a strong pound enable us to buy our raw materials more cheaply and so to produce our finished goods more cheaply? Similarly, all the goods we import must be cheaper, making almost everything in our shops cheaper and bringing down the cost of living: hence no pressure for wage rises - perhaps even a chance to reduce wages and thus make our manufactured goods even cheaper?

But, just a moment: has anyone actually noticed major price reductions in the shops? No? Could it be that the savings are going to boost the bottom lines of the importers, the wholesalers, the retailers and in due course to line the pockets of those sacred cows, the shareholders?

Short-termism again?


London SE27