No-Deal Brexit: Short Positions Against the Pound

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

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Photo of Matt Western Matt Western Labour, Warwick and Leamington

Let me give the figures some context. Correct me if I am wrong, but I believe that back in 2016 Odey fund management made £300 million on shorting sterling. By contrast, the UK automotive industry has spent £350 million ensuring that it is protected against a no-deal Brexit. Does the Minister not recognise that we are vulnerable in our manufacturing sector—in our heartland communities—to losing jobs and businesses because of the practices of these short sellers? Lord Macpherson, the former permanent secretary to the Treasury, has tweeted:

“Mr Hammond is right to question the political connections of some of the hedge funds with a financial interest in no deal. They are shorting the £
and the country, with the British people the main loser”.

What does the Minister say?