This headline from the Telegraph was quite widely trailed on Twitter today : Pound falls after Nick Clegg’s election debate success
Now admit it – looking at that, I’ll bet you thought that the currency markets had gone into free-fall, worried at the prospect of a Lib-Dem dominated hung parliament.
There might be the odd one of you that thought, hey Nick’s a nice guy, but if it’s going to send the City into turmoil, then I’ll stick with the Tories.
Well that’s just what the Telegraph wanted you to think.
Have a scout around and you’ll find that Nick Clegg’s apparent triumph (and actually I did think he came off best), and any fall in the value of the pound are in fact totally unrelated incidents.
How can I be so sure ?
Well mainly because the pound hasn’t nose-dived through the floor. Hasn’t lost all that much ground. In fact it’s been on an upward trend against the dollar since approximately the 25th March. Today’s fall of around 0.6% (representing less than 1 cent against the dollar, doesn’t really affect that trend. BBC NEWS | Business | Market Data | Currencies | Sterling GBP v US Dollar USD and in fact, at the time the Telegraph report was being read on-line by millions this afternoon, the pound was actually increasing in value against the Euro – although it finished the day slightly lower.
So all in all it’s been a relatively uneventful day for the pound – and whether it had gone up or down, it would have been nothing to do with Nick Clegg, Gordon Brown, or David Cameron.
Remember that the world doesn’t really revolve around financial traders, and never forget that democracy will always be far more important than a good day’s profit in the City.
So to the general public I say – Ignore the Telegraph’s silly scare stories – and vote for the candidate you think will do the best job.
And to the Telegraph, could I suggest you change your headline to “Millwall Crash against Huddersfield, after Cameron fails in Leaders debate” – it has after all got exactly the same cause and effect relationship as your original article, and a little bit more truth about it.