Sir, Philip Aldrick says that the Brexit devaluation has had no effect on trade and the current account of our balance of payments (“Why the weak pound has failed to deliver a Brexit trade bounce”, Business, July 17). However, during 2015 the quarterly deficit peaked at 6.7 per cent of GDP and during 2016 it averaged 5.9 per cent of GDP. By the fourth quarter of 2017 it had fallen to 3.8 per cent. Some of this improvement came through our net income from abroad but the bulk has come from an improving balance of trade. This is striking progress in restoring equilibrium to our balance of payments, and the Brexit devaluation was clearly the cause of it.
To read Professor Patrick Minford’s letter on the Times website, click here.