The Sun and the Daily Mail have written about a report published on fluctuations in the value of the pound last autumn. But they’ve lied in order to have a dig at so-called ‘Brexit doomsters‘.
The report, titled ‘Sterling ‘Flash Event’ of 7 October 2016′, is an analysis by the Bank for International Settlements of why the pound sterling dropped around 9% against the dollar on this particular date.
Both papers, writing about the report, make the claim that the plummet was caused by so-called Brexit doom-mongering in a Financial Times article about Brexit negotiations that had subsequently been picked up by other news outlets.
The Daily Mail’s headline on the story was ‘POUND’S ‘FLASH CRASH’ THAT SUNK STERLING TO A 31 YEAR LOW WAS DRIVEN BY INEXPERIENCED TRADERS AND BREXIT DOOMSTERS, REPORT FINDS’.
Meanwhile The Sun ran with ‘FLASH CRASH: BREXIT MOANERS AND SPOOKED TRADERS ‘SENT POUND TUMBLING TO 31 YEAR LOW IN WAKE OF HISTORIC VOTE”.
But while inexperienced traders were cited as one of a number of factors influencing the ‘flash crash’, the ‘Brexit moaners’ weren’t one of them. According to the report, the FT article and subsequent ‘sterling-negative’ articles were deemed to have had no real impact as the timings did not correlate and the articles ‘did not contain new information’.
So rather than report accurately on the findings, the Sun and the Mail have twisted them in a sly attempt to try and close down debate on Brexit. The message being, any negative talk about Brexit will weaken our currency so better shut up and accept it.
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