UK Economics

Britain’s Achilles Heel – Our Uncompetitive Pound

Image result for Images John Mills JML

John Mills is a British entrepreneur and author who has built up the massive JML Brand and is considered one of the Country’s leading economists who has gained his business acumen through the use of ‘common sense’ policies.

Why is Britain’s exchange rate so critical to working people? Why would reducing it cause a big improvement on the quality of jobs and wages available to us? And if making the pound cheaper is such a good thing, why doesn’t Westminster ever want to do it?

All these questions and more are addressed in a new short film, Britain’s Achilles Heel, focused on John Mills’ new book of the same name. 

It explains the interests that have kept the pound so overvalued for so long – the financial sector. It explains some of the downsides with keeping the currency artificially high, such as having to sell of vast amounts of the nation’s assets to overseas buyers: property, companies, football teams, and so on. No other country does this to the extent that Britain does.

It also explains why a cheaper pound would be much better for working people: more manufacturing jobs which tend to be more secure and higher paid.

Finally, Britain has a chronic trade deficit and has done for decades: we don’t pay our way in the world, we import far more than we export, and we pay a heavy price for it. A more competitive exchange rate is the single largest factor in correcting that.

There has been a lot of Remain whining about the lower pound since June 23. If you want to understand just how absurd it is for people to complain about this, given how vastly overvalued the pound was, how chronic our trade deficit was and remains, then watch this film.

This article has been constructed using material from the Labour Leave campaign who retain the copywright.

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