Originally Posted by
fountainhall
Discussing who is at fault is surely a secondary issue. The fact is that various factors account for currency movements and those who gamble on future movements are in a crap game.
For whatever reasons, the pound has tanked. But remember it has tanked before. Back in the 1980s it got so close to parity with the US$ that Margaret Thatcher had to persuade the Sultan of Brunei to buy sterling and avoid a total crisis. In the same decade, pressure from the Reagan administration forced the Japanese to increase the value of the ¥. From almost ¥260 to US$1 it rose to ¥110. Some suggest this was a part of the reason for the Japanese recession which was to last for over 20 years.
I'm thankful I learned the lesson early. I lived in Japan for two years as the ¥ was rising but was paid in US$. Not that it affected me much as I was on expatriate terms and allowances and so shielded from the worst effects. But it was a good lesson with a view to eventual retirement.