No government can deliver Brexit

SIR, – J Russell (Letters, September 15) gives chase to an issue I previously neglected to respond to – namely, press bias. I agree it exists!

On review, I also agree with Mr Russell’s calculation of a 14% fall in the pound against the euro since June 2016, but it remains an irrefutable fact that our global trading position has weakened since the Brexit announcement. In the same period, the pound has fallen by 12% against the US dollar.

Why is this serious? The UK has experienced balance of payments deficits since the early 80s as our economy has de-industrialised, so a weakening pound will hurt. Supply-side prices of raw materials and consumer goods will increase, profits will be squeezed, and consumption may fall. Less tax revenue will generate less money for education, the NHS, etc. Arguably, a reduced pound could make our goods more competitive, but any gains are likely to be offset by the greater value of imports and the need to increase prices to maintain margins.

The WTO will be no panacea.