Sterling: Start your motors

The pound just won’t stop falling. As of Friday morning, the UK currency was down 5% against the euro over a week, and 17% since mid-October. This decline is all too justified. Foreign exchange traders have short attention spans and a long list of concerns. And right now the pound ticks almost every box to fail a summary health check. Does the UK need foreign cash? That’s a big tick. The country’s balance of payments deficit is running at 3% of GDP. Are yields low, making government debt – the...