Richard Murphy on sterling's recent decline:

Yesterday Cameron said it was people’s patriotic duty to vote Conservative. Today his friends in the City played roulette by forcing down the pound because they think it will persuade people to vote Tory.

This is pitiful. Sterling only stabilised at its previous level because the markets believed that the Tories would win. Now the Tories seem compelled to blow their election-winning poll lead, the markets are reacting.

Not because they're trying to scare people. But because they are terrified at the prospect of a Labour victory or hung Parliament, and the paralysing impact it will have on British efforts to fix its budget deficit. It's much better to vote for the party that will start to sort our crisis, than to vote Labour and wait for the markets to force them to act.

People who read this post also read:

• Melodramatic Ritchiebollocks
• Was Ritchie right on the tax gap?
• TUC report on the value of public services
• Ritchie’s obesity challenge
• On the moral case for tax justice

Filed under: Capital markets, Current issues, Other blogs, Politics with tags conservatives, deficit, idiots, richard murphy