Investors fearing a no-deal Brexit have sold the pound at a pace drawing comparisons with currency crises that marked Britain’s post-war history. Vast sums of reserves squandered, political careers ruined and knocks to national pride all took a heavy toll on British governments that tried and failed to manage the exchange rate in the decades after World War Two. These crises often involved attempts to hold the pound at a fixed rate against other currencies, something that is no longer an issue because it is free-floating. But they demonstrate how even a slight miscommunication of policy can carry a heavy cost in ... (full story)