You seem a bit confused on this.
Pounds can only be stored in the british banking system. They can't leak out. Liquidity is cash.
If I receive pounds in return for goods sold in britian and I repatriate my capital to the eurozone - I need to find someone willing to accept pounds in exchange for their euros. My "capital" leaving is someone's capital returning.
Nothing is leaking out of the currency zone.
You may however have to offer more pounds for the euros to entice people to make that trade.
Bid and ask.
we are not spending pounds. Its a DEFICIT...we are buying Dollars, Yen, seashells.
Edited by Bloo Loo, 19 April 2012 - 12:05 PM.