In reply to RomTheBear:
The argument about asset valuations, while entertaining, builds on the untested assumption that GBP is doomed to devalue long term.
That may happen, but we're witnessing a knee-jerk market reaction to an intra-party conference speech, not the effects of post-Brexit trade tariffs.
This is politics, not economics, at work. In her speech, May sought to appease the hardest Leavers in her party, but a smart politician would do exactly that even if her ultimate intention were to concede at the last minute on freedom of movement in order to retain single market access. All politics is local, and this hard line keeps May's powder dry. It's worth noting that a truly calamitous set of market indicators during the period post Article 50 eases the way for soft Brexiters to prevail.
It's tactically astute and all the more so because it presents the firmest possible stance to the EU. Here I stand, prepared to trash our economy AND YOURS, to get what my people demand. I would think that the focus of May's speech is very worrying for the EU negotiators whose job isn't to eject the UK from the single market. It's to keep us in it. And doubly so for leaders of the EU nations, who see May offering her people the only thing they cannot provide. What fuel for their opponents!!
Finally, markets go up and down. There's no telling what the future holds and EUR, from which zone we import more goods than any other, isn't itself immune from Brexit, nor self-induced harm. Italy holds its constitutional referendum soon. Who's to say EUR will not fall further than GBP?
Meanwhile the UK might indeed make a good go of a new trading infrastructure. Disruption can be very beneficial and there no question that new trading partners are out there. Compare the populations of SE Asia to Europe and ponder a moment. We may see a two year slump for GBP turn into a 10 year high.
This thread is as panic-laden as others of its ilk. Take time instead to watch the game being played out.