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cancel any time T's and sees apply. Hello and welcome to Red Box, the Politics Podcast from The Times.

I'm Mac Jolly.

In this special episode, I'm going to try to get to the bottom of a question which has been bugging people in Westminster for some time.

What is going on with the pound?

Why does the value of sterling drop every time a minister says something about Brexit which we think we've heard before, who is making

those decisions in the city, and how much attention do they really pay to every utterance of

politicians here in Britain and the round the world.

I've hopped on the tube from Westminster to Bishop's Gate and the offices of Hendon Global Investors.

I'm here with Paul O'Codd ahead of multi asset at Henderson.

...