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Black Wednesday

   Also found in: Wikipedia 0.01 sec.
Black Wednesday
September 16, 1992. The day that investor George Soros short sold more than $10 billion worth of British pounds, which forced the Bank of England to withdraw from the European Exchange Rate Mechanism and to devalue the pound. He is a noted critic of unfettered free enterprise and believes that reflexivity can change the fundamentals of an economy.


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Byline: Edited by GRAHAM HISCOTT TOMORROW may be black Wednesday for struggling stores, experts are warning.
UK GDP was last in the red in the second quarter of 1992, before the Black Wednesday plunge in the value of sterling helped boost trade and brought the economy back into the black.
Tim Clarke, corporate finance partner at BDO Stoy Hayward, said: "We've not seen short term business confidence plunge this low since Black Wednesday in 1992, indicating that UK businesses of all shapes and sizes are struggling to see any light at the end of the tunnel.
 
 
 
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