Just a wee note to those of you who thinking Westminster are always on the case looking after our Pound, heres a wee reminder from the very turbulent history of Sterling from an article in the Telegraph in 2001: On 17th September 1992, a sombre Mr Norman Lamont, Tory Chancellor of the Exchequer, announced that the pound was to leave the Exchange Rate Mechanism and devalue. He shifted exchange rates up from 12 per cent to 15 per cent on that one day, but his attempts to bolster the currency came to nothing. The pound devalued and Mr Soros,the American financier and currency speculator, rumoured to have made as much as $2 billion in his bet against sterling, was christened the man who broke the Bank of England by the Daily Mail. The day was known as Black Wednesday - or White Wednesday for the UKs growing contingent of Eurosceptics. John Major said afterwards: It was a disaster, a political disaster, there is no doubt about that. It was an embarrassment for the United Kingdom. Sterling was back on the free market. A History of Sterling - Kit Dawney 8 Oct 2001 The Telegraph
Posted on: Thu, 11 Sep 2014 17:27:41 +0000
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