Bitesized Blighty: October 14, 2016
This week, the pound traded at its lowest level on record and faced fresh volatility on Wednesday. The effective exchange rate of the pound hit a low of 29.27 on Tuesday, which is weaker than that seen in the worst of the financial crisis, Britain’s ejection from the European Rate Mechanism in 1992, and its departure from the Gold Standard in the 1930s; a 168-year low. Following this bout of volatility, Theresa May detailed further Brexit strategy which helped the pound slightly regain its footing.
In the latest Brexit news, Theresa May rejected the SNP’s (Scottish National Party) claim that Brexit justifies staging another independence referendum in Scotland. If you recall, Scotland voted Remain in the Brexit vote, but as part of the UK will still have to face the break from the European Union, sparking new secession sentiments in Scotland. First Minister Nicola Sturgeon called Theresa May’s plans to prevent a second referendum in Scotland “inconceivable” and argued that Scotland is in a situation it did not choose in the EU referendum. The SNP Westminster leader warned that Theresa May’s “days as Prime Minister of a United Kingdom are numbered” if she rejects a second referendum.
The big news last night was about a gorilla, Kumuka, who escaped from London Zoo in Regent’s Park. The Gorilla was shortly tranquilized and safely returned to his cage, but was gone long enough to spark two debates. One on the ethics of zoos in general in modern society, questioning if they really do benefit wildlife conservation, and the other contemplating whether the gorilla’s return to the zoo was due to the high cost of rent for a similar space in London.