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2022-09-16

This September 16 will mark 30 years since “Black Wednesday,”

 It had been Major, as Chancellor of the Exchequer in Margaret Thatcher’s government, who led Britain into the ERM in 1990, overriding the objections of his balky prime minister.

Massive currency purchases by the BOE could not stem the tide. The Major government raised interest rates twice but was unwilling to go further. 

That evening, the government rescinded the second rate increase, and Lamont announced that it was suspending sterling’s participation in the ERM. The BOE’s failed defense of sterling cost it upwards of £3 billion ($3.5 billion) 

BARRY EICHENGREEN ProjectSyndicate Sep 13, 2022

https://www.project-syndicate.org/commentary/30-years-since-black-wednesday-uk-pound-ejected-from-erm-by-barry-eichengreen-2022-09


Everyone kept selling the pound, with only the Bank of England itself around as a buyer. 

After the market closed, the chancellor, Norman Lamont, announced on a street pavement that Britain was leaving the exchange rate mechanism.

John Authers Bloomberg 16 september 2022

https://www.bloomberg.com/opinion/articles/2022-09-16/black-wednesday-soros-and-the-pound-a-brexit-rehearsal-30-years-ago-today


Men den svenska regeringen, med Bildt, Unckel, Alf Svensson och Ulf Dinkelspiel, följde inte England. 

Ulf Dinkelspiel var styrelseordförande i Stiftelsen Sverige i Europa och var väl den som anlitade frun till Ulf Kristersson som kampanjledare för Ja tillEuron.


Lord Lamont was UK chancellor of the exchequer 1990-93

They say that he was singing in the bath the morning after UK left ERM.

http://www.nejtillemu.com/normanlamont.htm


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