The fall in the pound since the EU vote has been widely presented as a negative development. Not only is it being seen as a general indicator of Brexit vote fall-out, but many forecasters appear to think it will have a negative impact on the economy.
But we are more optimistic. Indeed, so far at least we think the pound’s fall could even be described as a Goldilocks deprecation – big enough to have at least some beneficial effect on exports but not so big as to push inflation up too sharply.
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