Letter: Strong pound
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.Sir: What has become of the grossly overvalued pound, threatening UK manufacturing with extinction, now that the manufacturing recovery has not only been confirmed but is expected by the CBI to gather further pace next year?
To the extent that the pound's present level is sustainable, as it appears to be, the case for a cut in interest rates to make the pound "more competitive" is weakened. So, too, is the case against joining the euro at anything like the pound's existing rate.
Since the euro cannot have much further to fall, and the pound therefore to rise against it, the outlook for manufacturing, as well as for participation in the euro, is more likely to improve than worsen as time goes on.
WALTER GREY
London N3
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments