Opinion  

A falling pound is bearable – if you’re rich

Harry Katz

Not content with overwhelming evidence, false prophets continue to live in denial.

Peter Hargreaves is theoretically £400m down. He should worry – he must now be down to his last £100m, poor chap. Ken Davy extols the virtue of a falling pound, maintaining it will help exports.

The falling pound will result in higher prices for us all. Fuel, transport, food, clothing and our much-loved electrical gizmos – and heaven knows what else. These two gurus are well-insulated with their millions. For those of us with modest holidays booked, we are going to have to dig deep. The euro is heading for parity and the dollar exchange is at the level of the old euro rate. If this is not a catastrophe then I need to revise my understanding of the word.

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In order to make things to export we need the raw materials – where does he think these come from? Most of these are priced in US dollars, so will be 17 per cent more expensive than this time last year. Sure we still have – for the time being – our financial services, but I would not bet the farm on them at the moment.

These gurus’ own circumstances insulate them from the harsh realities the rest of us are now having to face and the bleak future for our youngsters – who if they have any sense will be emigrating in droves.

Harry Katz

Consultant,

HA7 Consulting,

Stanmore,

Middx