Has the pound turned the corner against the Euro?

As the Italian <em>tuttishambles</em> starts to bite, the currency wars get interesting.

Yesterday saw morning saw a mild spike in the EUR/GBP exchange rate, peaking at £0.8807 to the euro before the results of the Italian election started to become clear and the Euro collapsed:

 

The spike was widely attributed to the Moody's downgrade, and, insofar as any single cause can be found, it probably was. But it was reported very differently depending on how important the downgrade was felt to be. For instance, whereas I wrote that the pound was "only slightly down against the Euro", others framed the same information as "a new 52-week low".

Both are, of course, true. The pound hit its peak against the Euro last July and has been steadily declining ever since:

 

Even after improving against the Euro on the back of the news from Italy, you would still have to go back over a year to find the last time before 2013 when the EUR/GBP was so high:

So when we say "the pound hit a 52 week low" after the Moody's downgrade, it's technically correct, but only gets the truth across if you bear in mind that the pound also hit a 52 week low before the Moody's downgrade.

In part, that continued collapse is to do with matters beyond the control of British policy. Until recently, the currency was a safe haven, isolated from the contusions of the eurozone and the US fiscal cliff. That boosted it higher than its resting level, and as the fiscal cliff was sorted and the dust cleared revealing a eurozone still standing.

But it's also an artefact of the growing evidence that the Bank of England is prepared to put up with significantly higher inflation than normal, as well as the perennial driver of all Britain's economic fortunes, our anaemic growth.

In a way, despite the focus on Japan's increasingly aggressive attempts to drive down the yen, it's us who are actually winning the currency wars. The problem is that we aren't getting a huge amount for our victory. Despite what theory says ought to happen, Britain's exports remain flat, and our homegrown industry isn't seeing any benefit either. Meanwhile, the cost of living for Brits soars correspondingly.

It you're looking for the upside of the Italian tuttishambles, then, it's that: your imported truffles and holidays to the French Riviera will finally start to come back down in price.

What do you mean you don't import truffles?

Photograph: Getty Images

Alex Hern is a technology reporter for the Guardian. He was formerly staff writer at the New Statesman. You should follow Alex on Twitter.

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“I felt very lonely”: addressing the untold story of isolation among young mothers

With one in five young mothers lonely “all the time”, it’s time for employers and services to step up.

“Despite having my child with me all the time, I felt very lonely,” says Laura Davies. A member of an advisory panel for the Young Women’s Trust, she had her son age 20. Now, with a new report suggesting that one in five young mums “feels lonely all the time”, she’s sharing her story.

Polling commissioned by the Young Women’s Trust has highlighted the isolation that young motherhood can bring. Of course, getting out and about the same as you did before is never easy once there’s a young child in the picture. For young mothers, however, the situation can be particularly difficult.

According to the report, over a quarter of young mothers leave the house just once a week or less, with some leaving just once a month.

Aside from all the usual challenges – like wrestling a colicky infant into their jacket, or pumping milk for the trip with one hand while making sure no-one is crawling into anything dangerous with the other – young mothers are more likely to suffer from a lack of support network, or to lack the confidence to approach mother-baby groups and other organisations designed to help. In fact, some 68 per cent of young mothers said they had felt unwelcome in a parent and toddler group.

Davies paints what research suggests is a common picture.

“Motherhood had alienated me from my past. While all my friends were off forging a future for themselves, I was under a mountain of baby clothes trying to navigate my new life. Our schedules were different and it became hard to find the time.”

“No one ever tells you that when you have a child you will feel an overwhelming sense of love that you cannot describe, but also an overwhelming sense of loneliness when you realise that your life won’t be the same again.

More than half of 16 to 24-year-olds surveyed said that they felt lonelier since becoming a mother, with more than two-thirds saying they had fewer friends than before. Yet making new friends can be hard, too, especially given the judgement young mothers can face. In fact, 73 per cent of young mothers polled said they’d experienced rudeness or unpleasant behaviour when out with their children in public.

As Davies puts it, “Trying to find mum friends when your self-confidence is at rock bottom is daunting. I found it easier to reach out for support online than meet people face to face. Knowing they couldn’t judge me on my age gave me comfort.”

While online support can help, however, loneliness can still become a problem without friends to visit or a workplace to go to. Many young mothers said they would be pleased to go back to work – and would prefer to earn money rather than rely on benefits. After all, typing some invoices, or getting back on the tills, doesn’t just mean a paycheck – it’s also a change to speak to someone old enough to understand the words “type”, “invoice” and “till”.

As Young Women’s Trust chief executive Dr Carole Easton explains, “More support is needed for young mothers who want to work. This could include mentoring to help ease women’s move back into education or employment.”

But mothers going back to work don’t only have to grapple with childcare arrangements, time management and their own self-confidence – they also have to negotiate with employers. Although the 2003 Employment Act introduced the right for parents of young children to apply to work flexibly, there is no obligation for their employer to agree. (Even though 83 per cent of women surveyed by the Young Women’s Trust said flexible hours would help them find secure work, 26 per cent said they had had a request turned down.)

Dr Easton concludes: “The report recommends access to affordable childcare, better support for young women at job centres and advertising jobs on a flexible, part-time or job share basis by default.”

Stephanie Boland is digital assistant at the New Statesman. She tweets at @stephanieboland