Why Does The Bank Of England Want A Weak Pound??

Just as the pound was starting to recover the Bank of England's announcement yesterday about the UK economy set back it's recovery. It hit 1.53 for a while and then immediately dropped back to 1.51 where it has remained. That's still not too bad given that it fell to below 1.40 a little while ago but the point is that it was on the rise and the announcement stopped it in it's tracks.

I don't know why but the Bank seems to want a weak pound? Maybe to help exporters and therefore an export led recovery. I just think this is not what the Bank should be thinking. Why do they value exporters so highly? There are so many ways the country can succeed and exporting manufactured goods is only one of them. My company imports so we hate a weak pound. Yes while we do import we also add a lot of value to the products we import with research and development. But this won't show up on the figure's the Bank has. The other point is that where Britain tends to succeed is in higher value items which are not so price sensitive. If someone buys a McLaren road car they are not bothered about a price drop - in fact it would probably put them off.

Therefore a weak pound might make those goods cheaper but if they are not seeking to compete on price anyway it might have a marginal difference. Surely the Bank doesn't want the UK to export products which are also being made in China or India? There is no point in that. British companies should be partnering with Chinese and India manufacturers to produce world beating product's which then go on to export to other countries.

I don't know what the Bank wants but I think a weak pound is not the way to go. My company wants it back to at least 1.60 but the end of the summer and keeping the pound low won't help the recovery in my opinion.