For most of the period since we have had records, the UK has held a positive net international investment positions versus the rest of the world. But the UK is now a net debtor versus the rest of the world. We shall examine the reasons for this extraordinary reversal and what it means for the exchange rate and whether it implies constraints on the current account, and ultimately on output growth.

The transcript and downloadable versions of the lecture are available from the Gresham College website: https://www.gresham.ac.uk/lectures-and-events/the-external-financing-position

Gresham College has been giving free public lectures since 1597. This tradition continues today with all of our five or so public lectures a week being made available for free download from our website. There are currently over 2,000 lectures free to access or download from the website.

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