Leeds MP attacks “reckless” Farage over “So what?” remark

Rachel Reeves
Rachel Reeves
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LEEDS West MP Rachel Reeves has criticised UK Independence Party leader Nigel Farage for dismissing concerns over the falling value of the pound ahead of the referendum.

Mr Farage rejected the suggestion the falling value of Sterling reflected concerns in the City that a Leave vote would damage the UK economy.

The Ukip leader, himself a former City trader, insisted the fall in Sterling was not linked to uncertainty surrounding the EU vote but connected to wider economic factors.

He said: “Since Brexit became a possibility, sterling is up and FTSE is exactly the same level it was in March.

“These are ludicrous scare stories that are being put out,” he told BBC1’s Andrew Marr Show.

“Even if Sterling were to fall a few percentage points after a Brexit, so what? The point is we have a floating currency and it would be good for exports.”

However, Remain supporters claimed a fall in the value of the pound in the event of Brexit would have a damaging impact on the lives of ordinary families.

Ms Reeves, a member of the Treasury Select Committee of MPs, said: “The reckless Leave campaign are relaxed about the pound falling, which would mean prices rising and jobs lost.

“Nigel Farage’s Leave campaign does not have working people’s interests at heart. They are complacent about another recession and the pain that brings for working families.

“The Leave campaign are asking the British people to roll the dice on our country’s future, but it’s too big a risk to take.”

The value of Sterling fell by 1.6 per cent on Friday after polls suggested the Leave campaign was gaining momentum.

Some economists have estimated the value of Sterling could fall by as much as 30 per cent in the wake of a vote to leave the European Union.

But Leave campaigners insist the risk to the pound is being over exaggerated.