The British should stop being so relaxed about the weak pound

The writer, a former permanent secretary to the Treasury, is a visiting professor at King’s College London

Last week’s interest rate rise by the Bank of England has provided some temporary respite to sterling. But the pound is still 10 per cent weaker against the US dollar compared with its January peak, and 3 per cent weaker against the euro.

Apart from the occasional shrug about the cost of a pint of lager in Marbella or an entry…