Sterling rides to the UK's rescue

For the British, New York will be the cheap place to go shopping this Christmas. The pound is settin...

For the British, New York will be the cheap place to go shopping this Christmas. The pound is setting records against the dollar almost daily and is already cresting along at decade highs. Periods of exceptional strength do not usually last long for the pound. Nor do they end happily. This time it might be different. The $2 pound may well be with us for a long time, reflecting its emergence as a haven currency. That will have important consequences for the UK economy. It may allow the consumer boom that has fueled growth to run longer than it otherwise would have. And it may dig the Gover...