Earlier quoted context omitted.
Market prices for currencies reflect what you can buy with them. If a country's economy is strong, they're exporting a lot of things that the world wants to buy from them, and the world wants to invest in a bunch in a number of securities denominated in their currency, the currency will be strong. If the country's economy weakens (relative to other countries in the global economy), the currency will weaken. There cou…
> "A generation of lazy people who don't work hard" I am sorry for derailing, but how does that happen, did they come out like a faulty batch from a factory? The mantra of "It's important to work hard" needs to die. Today we have fewer friends than ever, population is unhealthy and the biggest killer of young men is suicide. Please don't perpetuate this nonsense. It should be: "Work smart, and look after yourself/ yo…
>I am sorry for derailing, but how does that happen, did they come out like a faulty batch from a factory?
One generation is unlikely to be much lazier than the last. But the economic policy of post-war Britain was dominated by nationalised industries and, rules made by and for the unions etc. Workers toiling hard in make-work industries or workers refusing work that breaks strict demarcation rules are as unproductive as lazy workers.
This sort of thing the generally poor economy of the UK, and why the UK did not produce stuff people wanted to buy. That it translated into a series financial crises depended on other factors.