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Would hardly say this government is lacking infrastructure projects
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It's lacking what's called 'shovel ready' projects, which are just held up by financing. Of course, there are a number of projects held up because PFI is going the way of all flesh, so funding some of them properly would help, which is in fact sort of happening, but they can't face the fact that PFI only works if the Asians let you have lots of their savings cheap.
HS2, while a good idea, wouldn't turn a shovel over for probably ten years. The Olympics is half-built, Crossrail is just coming up at the right time. Outside London it would have been good if a certain Transport Secretary* hadn't scrapped all those tram projects in Liverpool, Leeds etc.
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"....It does not mean that the pound here in Britain, in your pocket or purse or in your bank, has been devalued...."
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Or as Mrs. Thatcher said after the pound declined 54% against the dollar between 1980 and 1985 ($2.40 to $1.10, apparently).
It's only a currency crisis if it's doing something you don't want. In this case, we can make things better for ourselves regarding competitiveness and deflation risk by allowing the pound to devalue, so there isn't a crisis. There'll be a crisis if George Osborne is allowed anywhere near Number 11, of course, but he's a flake. Get Vince Cable in. man.
Anyone heard about the financial crisis in Canada? No, because it's doing about the best of the major economies right now. Their currency declined about 30% against the dollar, from just over parity to $1.28. No one flees to the Canadian dollar when they're scared, of course.
* Alistair Darling.