Debate sparked by 140-letter Sentance

HOLDING down the currency artificially is standard fare for politicians who want to give their country’s industries a competitive boost – China’s opponents in the US have long accused it of manipulating its currency to support economic growth, while the Fed has been accused of doing the same by printing money.

Closer to home, the Bank of England has pointed to the 25 per cent fall in the pound as evidence of a substantial readjustment that should boost the economy, while claiming it has not impacted on inflation.

But that apparent conventional wisdom is being publicly questioned by former MPC member Andrew Sentance, who took to Twitter to argue a “strong [consumer] rebound probably needs support from higher £, like 96/7,” suggesting “UK manufacturing [is] not well-placed in price-sensitive sectors to benefit” from the weak currency.

Sentance was often outvoted as a lone hawk on the MPC, but seems to be gaining new clout with his growing online audience…