Pounded down

Peter Oborne has an important column this morning on just how seriously the option of printing more money is being taken by the Bank of England and the government. But what caught my eye is the fall in sterling that Oborne details:

“This systematic debauchery of the country’s finances has caused sterling to collapse. In just three days this week — Tuesday, Wednesday and Thursday — the pound fell by 4 per cent. It has now collapsed by an average of 23 per cent against rival currencies over the past 12 months. This fall is worse than the devaluation which followed Britain’s eviction from the Exchange Rate Mechanism under John Major in 1992 and much sharper than the currency crisis of 1976, when the Labour government of Jim Callaghan had to ask the International Monetary Fund to save the British economy.”