No-Deal Brexit: Short Positions Against the Pound

Part of the debate – in the House of Commons on 30th September 2019.

Alert me about debates like this

Photo of Alison Thewliss Alison Thewliss Shadow SNP Spokesperson (Treasury), Shadow SNP Spokesperson (Housing, Communities and Local Government)

The pound was shorting at a two-year high in August. The Prime Minister’s sister, Rachel Johnson, has said that people

“have invested billions in shorting the pound or shorting the country in the expectation of a no-deal Brexit.”

The former Chancellor has said that

“there is only one outcome that works for them: a crash-out no-deal Brexit that sends the currency tumbling and inflation soaring.”

Frances Coppola, who the Minister was keen to quote earlier, said that at the very least there was a conflict of interest. The Prime Minister received at least £375,000 from donors associated with hedge funds during his leadership campaign, and we already know from the Jennifer Arcuri case that he is no stranger to conflicts of interest. Will the Minister launch an investigation into this whole affair, because the public need to know what is going on behind the scenes? Will he also accept that those who are already wealthy seem to have everything to gain from a no-deal Brexit but that my constituents and thousands and thousands of others across these islands are still struggling to make ends meet after a decade of austerity and it is they who have everything to lose?