Last Friday the Sterling closed at 1.094 to the Euro. Not only is it a remarkable figure for crossing below 1.1, it is the lowest weekly close since 2009. In effect, since the common currency was introduced to currency markets in 1993, the Sterling closed against it below this level only in eleven other weeks. They all took place between December of 2008 and October of 2009, at the height of the housing crisis, when European institutions failed to address financial markets with the haste seen in grown-up economies.
This brief note puts this monetary devaluation into a broader perspective, within the context of the UK's exit from the EU. Sterling is just a visible facet of an overall economic setting deteriorating in anticipation of the UK's shift into a new - and largely unknown - economic paradigm.