The rather bizarre stand-off between Unilever and Tesco introduces an unexpected consequence of Brexit and its impact on the value of the pound. This blog has many times pointed out that the fall in the value of sterling is a good thing and there can be no economic recovery without it. However it is critical to point out that it must be accompanied by a major economic stimulus, without which we will not get much, if any, benefit. Instead we will be left with the downside of increasing cost of imports and their effect on the cost of living and inflation. Incomes will be squeezed and growth, which is at best meagre, will slow. This really forces Hammond’s hand and demands of him something very bold on November 24th.