Wary of appearing panicked by sterling’s nosedive, the Bank of England has only said it is “monitoring developments” and hinted at a hefty rate rise when policymakers next meet. Unfortunately that is virtually all they can do at this stage.
Some have suggested that the BoE could follow the Bank of Japan in intervening directly in foreign currency markets to prop up sterling and bloody the noses of a few hedge fund magnates betting against it.
The problem — beyond the futility of the BoJ’s own efforts — is that the UK actually has very little firepower to do so. Here is the World Bank’s data for the international reserves of all the G20 countries as of the end of 2021.
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