The falling pound will mean more inflation. Savers are finding it very difficult to protect the value of their savings, let alone to get any real return on it. The government no longer issues index linked National Savings to give people a low risk way of protecting the value of their money. Index linked gilts offer a negative real return at current prices.
The UK spends one third of its national income on imports. It also exports a lot. As we have witnessed a 6% plus fall in the value of the pound in recent weeks, that would imply over a period of time a further increase of 2% in the price level, applying the 6% dearer prices to one third of our purchases.
It might turn out to be less than that. The aim of the lower pound policy is clearly to encourage import substitution. We might be able to buy more from home sources at lower prices, and save ouselves some of the dearer imports. The exporters to the Uk might decide to delay putting up their prices in line with the weaker currency. They might be able to become more efficient to spare us part of the price increase altogether.
The problem remains that ultra low official interest rates are bad news for savers. This bad news is compunded if the value of money falls more. The government needs to do more to help savers. There are many more small savers than there are people with mortgages. Mending the banks would ensure more of the newly created money got through to the private sector to finance recovery. It would also enable the UK to set more realistic interest rates to provide a better return to savers, and provide some defence for the value of the currency.