It's what's been known for years as a currency race to the bottom with governments desperately trying to devalue their ones against others, while simultaneously robbing savers of interest income, especially their main rivals. The pound could easily revert back to its pre-2016 exchange rate value versus the euro by increasing the BoE base rate from its current 0.75% to 2% which is what UK CPI inflation is running at.

All currencies have lost 96%-98% of their purchasing power during the past century by being eroded through the inflation tax, most of it since 1971, because every one of them are backed by precisely nothing, and nothing is their true intrinsic value.

It's telling that the BoE base rate has been stuck under 1% for the past 10 years but had never been below 2% at any time before that since the Bank of England's creation in 1694.