The Brexiteer’s export argument is ‘unsophisticated’
Posted by seumasach on August 13, 2016
In fact, we’ve already been there: back in the last crisis the pound fell to as low as 1.05 euro without leading to a surge in exports. On the one hand the UK’s manufacturing base is depleted and on the other, as emphasized here, it is intertwined with production elsewhere. Interconnectedness makes a nonsense of Brexit which probably why in the end it will never happen. Isolationism is not an option and isolationist sentiment is merely a rejection of globalization which is no longer comfortably on our terms.
11th August, 2016
The argument by the pro-Brexit lobby that the fall in the pound would boost UK exports is “unsophisticated,” says Credit Suisse.