Larry Summers called it again on the collapse of the British pound. Here’s how much worse it could get, analysts sayLarry Summers called it again on the collapse of the British pound. Here’s how much worse it could get, analysts sayGiphy GIFGiphy GIF

Larry Summers called it again on the collapse of the British pound. Here’s how much worse it could get, analysts say
As investors continue to digest the new U.K. government’s tax policies, economics and policy experts have been warning that the historically strong pound could have much further to fall.
“This is simply not a moment for the kind of naïve wishful thinking supply side economics that is being pursued in Britain… I think Britain will be remembered for having pursued the worst macroeconomic policies of any major country in a long time.”.
As bad as the fall has been, a number of currency analysts say that the pound has even further to drop.
“That is up from 6% in late June.
Meanwhile, Jane Foley, senior FX strategist at Rabobank, warned in a note on Monday that fiscal policy in the U.K. was now in direct conflict with the Bank of England’s monetary targets.
Data shows that the U.K.’s foreign currency holdings are a fraction of those of some of its peers, Bloomberg reported on Monday.
“I hope they don’t do it,” he said.