Because the UK and the US are doing what the smaller states in the EU cannot, i.e. devaluing their currency. If the UK pound falls by X% against most other cur

Because the UK and the US are doing what the smaller states in the EU cannot, i.e. devaluing their currency. If the UK pound falls by X% against most other currencies, this is equivalent (in the long term) to all inhabitants of the UK losing X% of their income.