Benchmark
Pound Drop Means More For Profits Than U.K. Economy
A straddle carrier moves shipping containers around the dockside at the container terminal operated by DP World Ltd., at the Port of Southampton, in Southampton, U.K., on Wednesday, Nov. 2, 2016.
Photographer: Simon Dawson/BloombergThis article is for subscribers only.
The pound's precipitous drop since the Brexit vote may do more to help the earnings of British exporters than the economy as a whole.
The evidence to date is that firms selling goods abroad are keener on taking the exchange-rate windfall to improve profit margins than they are on increasing their share of foreign markets.