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Dip in value of pound is ‘welcome change’, says former BoE governor

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  • 11/10/2016
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Dip in value of pound is ‘welcome change’, says former BoE governor
Former Bank of England (BoE) governor Lord Mervyn King said the dip in the value of the pound post-Brexit was a ‘welcome change’ to the market.

Last week the value of the pound fell as much as 9.5% from $1.26 to $1.14 in the space of a few seconds. This prompted Chancellor Phillip Hammond to advise the UK that there was still marked uncertainty in the market.

But King said concerns over the dip were overblown and that the future was not as bleak as others suggest.

In an interview with Sky News he said: “During the referendum campaign, someone said the real danger of Brexit is that you’ll end up with higher interest rates, lower house prices and a lower exchange rate, and I thought: dream on.

“Because that’s what we’ve been trying to achieve for the past three years and now we have a chance of getting it.”

He concluded the fallout from Brexit was not something we should fear. “It’s not a bed of roses, but nor is it the end of the world,” said King.

 

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