Readers respond to an article by Larry Elliott in which he said that Brexit remains an opportunity to transform an underperforming British economy
I am glad that Larry Elliott has given us his latest take on Brexit, but his contention that there is an absence of evidence that Brexit has done much harm has holes in it (Brexit isn’t to blame for our current problems; it is still an opportunity, 6 November). Most fundamentally, the pound was trading at $1.49 on the day of the referendum. Two days later, it was $1.36. Now it is $1.15. Prior to the referendum result, £1 equalled €1.31. Now it is €1.15. Imports are more expensive and exports are not helped because manufacturing is such a small proportion of our economy, and uses a lot of imported materials anyway.
He claims that Britain attracts more foreign direct investment than any other European country. Perhaps a chunk of this is buying up British assets at bargain basement prices? He does not mention the businesses relocating to mainland Europe to survive, undoubtedly reducing the British economy.
Daphne Sanders
Inglewhite, Lancashire
