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British Prime Minister Boris Johnson’s chaotic government, and its equally chaotic collapse, are not the only source of panic in the United Kingdom nowadays. There is growing anxiety about the exchange rate of the British pound as well.

Since peaking in the spring of last year, the pound has depreciated by about 10% against the dollar. “Britain’s currency is getting slaughtered on international markets,” we are told. Of the five currencies underlying the International Monetary Fund’s reserve asset, special drawing rights, only the Japanese yen has done worse than the pound.

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