SLIDING STERLING IS A LONG WAY FROM A CRISIS
Sterling is on the slide again, hitting 31-year lows below $1.28. It’s all too easy to equate a falling currency with a crisis. But the pound’s drop is hardly a disaster.Granted, the currency’s recent weakness reflects investors’ growing concern about the economic outlook for the United Kingdom. This is probably justified since Prime Minister Theresa May made it clear on Oct. 2 that Britain will want to impose controls on immigration when it leaves the European Union, even if this means accepting some restrictions on its access to the continent’s single market in goods and services.