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| Fall in sterling is a welcome change, says Mervyn King | |
| (35 minutes later) | |
| The collapse in the value of the pound since Britain voted to leave the EU has been described by Mervyn King, former governor of the Bank of England, as a welcome change. | The collapse in the value of the pound since Britain voted to leave the EU has been described by Mervyn King, former governor of the Bank of England, as a welcome change. |
| Lord King, who ran the Bank during the 2008 banking crisis, told Sky News: “The economy was slowing somewhat before the vote and we are in a position where the rest of the world is not offering us much help. | Lord King, who ran the Bank during the 2008 banking crisis, told Sky News: “The economy was slowing somewhat before the vote and we are in a position where the rest of the world is not offering us much help. |
| “So, from that point of view the fall in sterling is a welcome change.” | “So, from that point of view the fall in sterling is a welcome change.” |
| His successor at the Bank, Mark Carney, has called for an investigation into last week’s “flash crash” in the pound, which dramatically slumped on Friday to just below $1.15 – its lowest level since March 1985 – before jumping again in a matter of minutes. | His successor at the Bank, Mark Carney, has called for an investigation into last week’s “flash crash” in the pound, which dramatically slumped on Friday to just below $1.15 – its lowest level since March 1985 – before jumping again in a matter of minutes. |
| Carney asked the Bank for International Settlements, which represents the world’s central banks, to review the events which took pace in the early hours of trading in Asia on Friday. | Carney asked the Bank for International Settlements, which represents the world’s central banks, to review the events which took pace in the early hours of trading in Asia on Friday. |
| King, who left the Bank in 2013, said shortly after the EU referendum that he had been baffled by a warning that there would need to be an emergency budget in the event of Brexit. | King, who left the Bank in 2013, said shortly after the EU referendum that he had been baffled by a warning that there would need to be an emergency budget in the event of Brexit. |
| Commenting on the pound’s sharp moves since the vote, he told Sky on Monday: “The whole thing has generated reactions which are over the top.” | Commenting on the pound’s sharp moves since the vote, he told Sky on Monday: “The whole thing has generated reactions which are over the top.” |
| Some economists argue that a fall in the pound could force the UK economy to rebalance towards more exports because British products become more competitive on overseas markets when the currency is weaker. | Some economists argue that a fall in the pound could force the UK economy to rebalance towards more exports because British products become more competitive on overseas markets when the currency is weaker. |