James O'Brien is Leading Britain's Conversation.
12 October 2016, 09:46
Wetherspoons Founder Insists Pound's Slump Is Good News For Britain
The pound's slump is good news for Britain, insists Wetherspoon's founder Tim Martin: "We needed a lower pound".
The founder of Wetherspoons insists the slumping pound is actually good news for the British economy.
Tim Martin told Nick Ferrari that the country needed the lower pound to bring tourists to the UK.
As Nick asked him for comment on the falling pound and the soaring stock markets, Mr Martin responded: "I think both things are positive.
"I think that the pound floats. It's an economic stabiliser for the country. We needed the lower pound because we had a current account deficit.
"Central London is booming with tourists. Britain's booming with tourists generally.
"Seven or eight times in the last 30 or 40 years, the pound's gone down to near parity with the dollar. We need that.
"The problem you've got is if you're in the eurozone and you're Greece or Portugal and you're hitched to the euro which is effectively part of the old Deutcshmark and your currency is far too high for your for your economy. Then you're in 50% youth unemployment.
"So we're doing well. The pound goes up and down. It's a great press story, lovely for you guys, but it's a good thing for the country."