That only works if you are not a major importer. The UK is a added value economy. We buy things i, add value and send them out again. Low £ means that yes the things we send out will be cheaper, but the materials will be more expensive. That means the profit margin will be lower, meaning unless sales are much higher, profits will be much lower. So say we sell 5% more cars because they are cheaper, that might not be enough to make up for the increased costs. Companies might decide to reduce labour, move the work to places where raw materials are cheaper, or put off investment.
The worst case scenario is stagflation. Prices go up because of import costs, hitting inflation. However wages cannot rise because of low profitability so you get a recession and inflation. Not nice
Biting the hand that feeds IT
