Sterling could be the final nail in the Prime Minister’s coffin

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Gordon Brown
Gordon Brown

Gordon Brown must have found the New Year predictions troublesome reading. Just about every City economist is predicting the British economy will be heading into squally weather during 2008. And yet most failed to mention what may well be the biggest threat to the Prime Minister’s tattered reputation for economic competence: sterling.

Just as most people carry on making the same mistakes, although in different guises, so in reality most economies carry on stumbling into the same old crises. For Britain, economic trouble has always manifested itself in the currency markets. If it happens again – and there are solid reasons for thinking that it might – then the British economic weather could be about to turn very stormy indeed.

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