Sunday, 12 August 2018

Treasury shifts cash into euros ahead of Brexit per The Sunday Times

Reading this Sunday Times article something struck me... If the Bank of England are buying Euros then aren't they so depressing the value of Sterling? If so, in whose interests is that? The remoaners and the establishment who really don't want Brexit to happen? Does Mark Carney fall into that category, both or neither? How about Theresa May? 

1 comment:

Anonymous said...

Switching reserves from dollars to euro (which is what is allegedly happening here) might weaken the US currency, but it will have no impact on the pound.

But in fact the Sunday Times story was nonsense anyway. If the government was really worried about the impact of a bad Brexit on the value of the pound, it would be switching into safe-haven currencies like the dollar, yen and Swiss franc, not the euro, which would also suffer.