The Value Of One Pound
In 1967 Harold Wilson proclaimed that devaluation wouldn't impact the pound in your pocket.
How right he was! As the Pound gradually devalues as we assume our place amongst the second division of nations, a Pound curiously has become far more value a medium of exchange than ever in history.
Now, I thought that Philip Green's decision to sell the whole of Bhs for a Pound was good value at the time but now I can see why Dominic Chappell failed to get a positive return on the Pound he invested.
It was because he paid too much! Why just buy a department store for one Pound when you could have bought the whole shopping centre for the same price? Columbia Threadneedle Investments are selling The Posting Centre in Scotland at auction with a £1 reserve. The centre was built in 1981 at a price of £4.2m but is now virtually empty.
Actually, I think that my Pound could grow in value still if I leave it under my mattress for another couple of years. Maybe I will be able to buy the whole of the UK retail sector with it by then which will have proven Harold Wilson's point I suppose.
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