Note there is no base resistor, that is correct, and the voltage at the emitter will be 0.7V lower than that on the base. But as the base voltage changes so will the voltage across the LED and resistor.
Note there is no base resistor, that is correct, and the voltage at the emitter will be 0.7V lower than that on the base. But as the base voltage changes so will the voltage across the LED and resistor.