Good morning. It's three minutes after 10 and you are listening to James O'Brien on LBC, where I thought we would begin.

You can tell I don't have my ducks in a row, can you, before the light comes on, because I'm going to change course slightly to reflect upon the last few words of Simon's News Bulletin a moment ago, specifically the pound to a dollar exchange rate, back to a dollar 13 now for a pound. The sort of very

angry people who don't understand anything, but think that they've somehow been winning

for the last six years without ever being able to tell you what the prize is, would,

and I've seen quite a lot of this on social media, would argue this morning that no one's

mentioning the exchange rate, because it goes against the narrative, the idea that because the

pound has recovered against the dollar, everybody who pointed out the idiocy of quasi-Quartang's

mini budget and Liz Truss's complicity in it are deliberately ignoring these statistics.

And although I personally probably waste too much time

trying to help angry people who don't understand anything but think that they've somehow

been winning for the last six years, it's in the actual news bulletin. And the reason why the

pound is recovering in this way is essentially twofold. Firstly, the Bank of England's intervention

has helped. They've spent a relatively small amount of

the 60-odd billion that was set aside to sort of steady the ship. But that ends at half-past four

today. And nobody's entirely sure about what is going to happen at that point. And the second

element of rehabilitation of the pound, if you like, is, of course,

the belief now in the markets that a U-turn is on the way. So there are two reasons why the

pound is doing better. One is that the Bank of England intervened deliberately and specifically

to alleviate the impact of the government's policy, economic and fiscal, almost like antlers with locked stags.

And the second is that the market are presuming that there has to be a U-turn, because they find it almost impossible to contemplate the possibility that Quattengen Trust will stay the course, will press on,

despite the fact that they continue to insist that they will.

But of course, not that long ago, they continued to insist that they would definitely not

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