As the FT has reported the Office for National Statistics is revising a number of features of UK national income reporting from this month. One thing that will change as a result is the way that the UK current account deficit with the rest of the world is recorded (it’s always been a deficit in the chart that follows, so I only give it one sign in my description). This is what it will look like before and after revision.
OK, current account deficit, fine.
Now, let’s ask a simple question? Who has delivered the biggest run on the pound? I think the answer is obvious.
Err, sorry? I mean, sure, the value of the pound and the trade deficit are linked but not directly like that.
BTW, if you want to insist upon “run on the pound” then the answer is Gordon Brown.
Yep, even larger than John Major…..