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Tony Makara

The main reason why our economy is failing to be competitive is because sterling is overvalued and Gordon Brown aims to keep it that way as the strong pound masks the underlying inflation that has built up under Labour. Our nation's ever growing import dependency would be there for all to see if sterling weakened and the cost of imports began to soar. Gordon Brown will do whatever he can to keep the pound overvalued because it his is bail-out.

Don't believe either all the myths about the BOE being independent. The moment the BOE stops doing Gordon Brown's bidding he will step in an use his emergency powers to overrule any BOE decision he doesn't agree with.

If the time came when the pound began to plummet in value and the BOE didn't act you can be sure that Brown will step in and crank up interest rates to support the currency. While we have such a strong pound our exporters are starting from behind scratch. What we need is the pound operating at the right level, not too weak or too strong.

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