Black Wednesday


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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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Black Wednesday was a disaster but again when we left office four years later, the economy was booming and in very good shape, thanks mainly to Chancellor Kenneth Clarke and unrecognisable from the economy we inherited from Dennis Healey in 1979.
Roditi works for billionaire George Soros - the man who broke the Bank of England in the Tories' ERM fiasco on Black Wednesday in 1992.
It last hit two dollars just days before Black Wednesday in September 1992, although it has not traded consistently above that level since 1975.
But let us never for get the 4m unemployed, Black Wednesday, or the destruction of whole communities.
Before becoming an MP in 2001, he was a special adviser to the Chancellor of the Exchequer Norman Lamont - a job that coincided with Black Wednesday in 1992 - before moving to a similar job with Michael Howard, the then Home Secretary.
We could even have another Black Wednesday, when the value of the pound was decimated by thethen Tory Chancellor's ineptitude.
John Major and Lord Lamont - Prime Minister and Chancellor of the Exchequer at the time of the ERM debacle - welcomed the release of the documents, which they said showed Black Wednesday was far less costly to the UK than had been claimed.
Many people blame Lewis for contributing to the crisis known as Black Wednesday.
This isn't a rerun of Conservative Black Wednesday.
Conservative leader David Cameron has vowed that his party would never again make the mistakes that led to repossessions, negative equity and Black Wednesday in the early 1990s.
It is unlikely that, at this late stage, the Germans and the French would allow Britain in at a viable exchange rate: remember the earlier attempt at convergence when, by Black Wednesday 1992, interest rates had reached 12%, 100,000 businesses had been bankrupted, mortgages were foreclosed and three-million British people were unemployed.