Bitesized Blighty: October 7, 2016
- POUND CRASH; last night Britain experienced a sharp fall in the value of the sterling pound; the biggest plunge since the Brexit vote. Sterling fell as much as 6 percent to $1.1841 and The Bank of England has confirmed that it will investigate the cause of a sharp fall, which plunged in mysterious circumstances in overnight trading in Asia. However, the pound regained some of its losses but was still down 2 percent at $1.2363 ahead of the US markets opening on Friday. On the brighter side, using the British national anthem as a representation, the independent made a video depicting the volatility of the pound since Brexit. You can watch this video here.
- Another important announcement this week was the fracking in the county of Lancashire has been given go-ahead by the government. Communities Secretary Sajid Javid has approved plans for fracking at Cuadrilla's Preston New Road site at Little Plumpton in Lancashire which has caused uproar from local campaign groups and environmentalists, who have also commented that is was a denial of local democracy. It means, for the first time, UK shale rock will be fracked horizontally, which is expected to yield more gas.
- On a more pressing issue, wholesaler JJ Food Service has suggested that fish and chip shops should sell "extra small" portions as a healthier option. This has emerged after an industry survey has suggested 45% of customers want smaller chip portions. In the same survey, 36% would opt for a smaller fish portion, given the choice, to cut down on calories. However, the National Federation of Fish Friers pointed out that families who knew they were getting "huge portions" were ordering with that in mind and sharing them. What a calamity!