The UK is, President Trump kindly informs us, in turmoil. In Westminster, there is feverish talk of a leadership challenge. The economy is in a state of peak Brexit uncertainty. The trade deficit has worsened yet again. is battering Britain’s FTSE-quoted commodity giants. In the past, sterling, as the barometer of the nation’s international standing, would have collapsed in value in such a crisis. Yet for the last year the pound-euro rate has never been more stable. On 11 July 2017, the foreign exchange markets gave you precisely €1.13116 for each £1. One year on – on Wednesday at just after 10am – the pound was ... (full story)