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    It is more complex PaulB. A lot of people owe their jobs to the £ being able to float and take some of the pressure thanks to our exports being cheaper.

    Nevertheless the £ is measured for what it is worth by what you can buy for it in the UK. It will worth something different in the USA, different again in the Eurozone and so on.

    Greece, Portugal, Spain, Belgium, Italy and Ireland would be in a better position now if they had their own currencies that could reflect better the strength (or rather weakness) of their economies rather that of Germany's.

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