Brexit, Truss Are Part of Long Sterling Decline, BOE’s Mann Says

Bank of England policymaker Catherine Mann stated that Brexit and former Prime Minister Liz Truss's policies contributed to the long-term decline of the British pound. Mann characterized Brexit as a factor in the erosion of sterling's global standing, a trend she believes began in the 1920s and persisted until Truss's unfunded tax cut proposals in 2022 triggered a significant crash. Mann explained that both Brexit and Truss's actions have made the UK economy less competitive and slower growing, increasing the r... download the app to read more