I reveal the truth about the two currencies after the UK left the EU’s control using official data

Graham Charles Lear
5 min readOct 30, 2022

Using official data from the two central banks I demolish another BBC Rejoiner myth.

Yesterday I published a seminal report which proved immensely popular with the public. https://graham100200.medium.com/facts-always-matter-bbc-and-you-dont-have-any-official-facts-or-integrity-75ded34c612b

This morning the BBC continues to promote its anti-Brexit report on the front page of its news website.

Today, therefore, I go one step further. One of MY pieces of evidence in yesterday’s report was challenged by many Rejoiners who appear to find anything which contradicts their beliefs to be deeply upsetting.

Today I am providing further information which proves beyond any doubt that I was correct in MY assertion.

The Euro has fallen more than the Pound since the UK left the Single Market & Customs Union

The United Kingdom finally left the EU’s Single Market and Customs Union at midnight on 31 December 2020. (See below for more on this.)

The following chart shows the movement in the value of both the pound and the euro since that date. I used the databases of the two central banks — the Bank of England and the European Central Bank — to bring readers this official information.

The Brexit pound wins against the euro

Devaluation of the pound and euro against the dollar since the UK exited the transition period and left the EU’s Single Market (01 Jan 2021) compared with today

Pound on 01 Jan 2021. $1.3579

Pound today : : $1.1581 (-14.7%)

Euro on 01 Jan 2021. $1.2296

Euro today : : $0.9951 (-19.1%)

[Sources: Bank of England daily spot rates | European Central Bank daily spot rates.]

The Euro has fallen against the US Dollar at a rate 30% faster than Pound has fallen.

Debunking the myth that the UK left the EU on 31 January 2020

Amongst the “clutching at straws” Rejoiner community there were some bizarre claims yesterday that I had used an arbitrary time period. I hadn’t. the chart shows the value of the pound and euro against the dollar from the date the UK actually left the Single Market and Customs Union.

Some people continue to believe the UK left the EU on 31 January 2020, after Boris Johnson signed the abominable EU Withdrawal Agreement. In purely technical terms this is how each government describes it but the reality was entirely different.

An 11-month “transition period” then took over on 01 February 2020, and in practice, nothing changed. The UK was still in the Single Market and Customs Union, still under EU law, and still trading with the EU and the world under EU rules. The only difference was — incredibly — that the UK no longer had any say over the laws under which it was governed.

If Rejoiners are ignorant of this, here is what the EU Commission has to say.

“What happens on 1 February 2020?

“When the United Kingdom leaves the European Union on 31 January 2020, after full ratification of the Withdrawal Agreement, we will enter into the transition period. This time-limited period was agreed as part of the Withdrawal Agreement and will last until at least 31 December 2020. Until then, it will be business as usual for citizens, consumers, businesses, investors, students and researchers in both the EU and the United Kingdom. The United Kingdom will no longer be represented in the EU institutions, agencies, bodies and offices but EU law will still apply in the United Kingdom until the end of the transition period.

“In particular, the United Kingdom will remain in the EU Customs Union and in the Single Market with all four freedoms, and all EU policies applying.”

- EU Commission website, accessed 30 Oct 2022

“The Euro has been weaker than the pound against the very strong dollar. The EU’s energy position is much worse than the UK’s.

“The UK can now invest more to push to self-sufficiency just as the US has done.”

The Rt Hon Sir John Redwood MP, Sun 30 Oct 2022

Why compare with the US Dollar?

This was a question much asked by Rejoiners yesterday, believe it or not. There are three simple reasons:-

  1. The US Dollar is the defining western currency used everywhere for comparisons
  2. The US is the UK’s largest trading partner [Source: ONS]
  3. Using the US Dollar allows an impartial comparison between the state of the Pound and the Euro

And finally, here’s the killer blow for the Rejoiner BBC and its followers

The BBC Brexit attack piece was ostensibly looking at the ‘impact of Brexit’. I, therefore, thought it would be interesting to look at the way in which each currency’s trajectory has fallen to see if there was any discernible ‘Brexit impact’.

There is only a positive one.

Yes, the pound has fallen in value over many years. This started well before the EU Referendum and Brexit. What I have shown, however, is that when the UK finally left the Single Market and Customs Union on 01 January 2021, the Brexit pound has outperformed the euro.

I have always been a strong advocate of freedom of speech. However, when it comes to the rules of impartiality imposed on the BBC in particular under its charter, it is wholly unacceptable for them to produce output which is so biased as to make it unwatchable for millions of people. The added insult of course is that we must all pay for their political bias, via the compulsory licence fee.

It's just not on at all, it's an absolute disgrace that the BBC and its journalists are telling outright lies to its viewers. We all have a responsibility to rebut those lies at the highest level possible. That is why I said yesterday to fill out the form that lets Ofcom deal with the BBC when the BBC blatantly show people outright lies

Sources: Bank of England | European Central Bank



Graham Charles Lear

What is life without a little controversy in it? Quite boring and sterile would be my answer.