Take a look at this chart. It shows the value of the GBP (£) against the USB ($) over the period 20 June to 6 July 2016.
At point A (immediately before the EU Referendum), everyone expected a vote to remain and the GBP rose to its highest level against USD since December 2015. In actual fact, between 15 June and 23 June, it rose from 1.41 to 1.49 (almost 6%) on the strength of confidence that we’d remain EU members.
Once the catastrophically wrong referendum result was announced, it fell to its lowest level for 31 years (a fall of around 10%). It recovered slightly – which prompted the nationalist press (i.e. The Sun) to announce that the scaremongering was over and the future was rosy. Again, in fact, it was still at its lowest for decades.
Following a weekend lull, it fell again This time, it stabilised at the level it had fallen to immediately after the result. A day later, it fell again and stabilised 2% lower than its previous lowest at 1.31 (B). For several days, and partly as a result of speeches from various people trying to calm the market, it climbed back to between 1.32 and 1.35 (C), and that’s where The Sun claimed everything was now all right once more. After another weekend lull, it set off downwards again, and today it stands at 1.29.
The Bank of England has repeatedly warned that Brexit will hit the markets and currency badly. Ranged against this you have… The Sun, whose counter arguments seems to boil down to “oh, no it won’t” and “it’s all those foreigners taking our jobs and scrounging off the state who are to blame”. Frighteningly, there are still people who read The Sun who genuinely believe this – these are the ones who swung the result of the referendum in the first place.
The Sun also favours quoting the FTSE 100, and has said several times that it “has recovered to pre-Brexit levels”. The FTSE 100 does not accurately reflect what is happening in the UK market – it is the FTSE 250 which does that. Today, for example, the FTSE 250 is down by almost twice as much as the FTSE 100 directly due to the Bank of England’s warning that the effects of Brexit are beginning to “crystallise”. Tesco and Morrisons – better indicators of the state of the UK market than, say, Vodafone – are down by 6%.
How much longer has this got to go on before someone wises up and admits that they made a mistake in allowing retards to vote on EU membership, and the that result was disastrously wrong?