Monday 26 September 2022 11:05 PM DAILY MAIL COMMENT: There's every reason to believe in bold agenda trends now
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In the ever-febrile Asian financial markets, the pound took a painful early battering yesterday, losing some four cents against a muscular dollar.
By lunchtime the storm had abated and sterling was roughly back where it started – though it had weakened again slightly by close of business in London.
To those who desperately want to see Kwasi Kwarteng's bold agenda for growth fail, the initial plunge represented a massive vote of no confidence by global investors.
In truth, however, the equally rapid rebound suggested yesterday's early market volatility owed more to speculators trying to make a fast buck than any genuine verdict on the British economy.
Some desperately want to see Kwasi Kwarteng's bold agenda for growth fail
Yes, these are difficult and restive times. A post-Covid hangover, the cost of borrowing, low productivity and inflationary pressures beyond our control are a severe test.
Interest rates are having to rise to counter inflation and the energy crisis is keeping inflation at levels not seen since the 1970s.
But we are not alone. Europe is in similar straits, with average inflation higher across the EU than in the UK, and even Germany falling into recession. The dollar meanwhile goes from strength to strength, seen as a safe haven in a crisis-hit world economy.
What the British economy needs to rise from its current torpor is a massive injection of financial adrenaline – and
