I'm hearing a lot of people comment that this will cause a huge macroeconomic deficit worldwide, and I'm going to briefly explain why I believe the Pound Sterli

I'm hearing a lot of people comment that this will cause a huge macroeconomic deficit worldwide, and I'm going to briefly explain why I believe the Pound Sterling's 9% devaluation is purely speculative. The UK simply didn't buy the EU's story about the Euro, and now they want a fully independent monetary policy. I'm not sure how much they have studied such possibility, but I bet that taking this to a democratic level was a data-driven decision. The EU is going to want to put some political pressure for sure, but I don't think that they are going to want to do such a huge damage as wanting to establish a trade embargo with the 5th biggest economy of the world.