The Brown Pound

The 25% fall in the value of the pound since Gordon Brown became PM is the largest depreciation in any single post-war sterling crisis. It now threatens to become a rout with reports that the PM is trying to push the Chancellor into a pre-election giveaway. This is reinforcing the impression that Labour is not serious about tackling the deficit and that has added to market jitters. The impact of five more years of the irresponsible, profligate Gordon Brown would be interest rates forced up and the pound sent on a downward spiral. Research is clearly showing that when Labour improves in the polls, the value of the pound falls.

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