An end to economic competence

Since 1992 the BBC and other pro-Labour organs have repeated ad nauseam that it was not just the unemployment and house repossession which destroyed for ever the assumption of Conservative competence on the economy, it was even more how they presided over a major fall in the value of the pound sterling.

We have discovered that over the past few days Sterling has plunged much further and faster than it did in 1992. Unemployment is rising rapidly, as is house re-possession.

May we now conclude that the economic competence of NuLabour has disappeared? Or are there, as usual, special reasons why things are not as they seem?