The pound has hit a 31-year low – it’s time to accept Brexit will make us poorer

In 1985 Nigel Lawson believed sterling was so weak against the dollar that a major market intervention by central banks around the world was justified. The then Chancellor signed the “Plaza Accord” in September of that year in New York on behalf of the Thatcher government. That landmark deal was designed to bring down the value of the US currency against a host of other major currencies, including the pound.
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