Norman Lamont16 September 1992
By 7:00PM Norman Lamont announces Britain will leave the ERM and rates would remain at the new level of 12 percent
Great Britain · Government / Conservative Party Government. Chronological records rendered directly from the World History Database.
By 7:00PM Norman Lamont announces Britain will leave the ERM and rates would remain at the new level of 12 percent
In 2005, documents released under the Freedom of Information Act indicated that the cost of Black Wednesday was £3.3 billion
The Bank of England attempts to prop up their currency as per the decision made by Norman Lamont and Robin Leigh-Pemberton, the and Governor of the Bank of England respectively
The Bank of England's intervention was ineffective because Soros' Quantum Fund was dumping pounds far faster. The Bank of England continued to buy and Quantum continued to sell until Lamont told Prime Minister John Major that their pound purchasing was failing to produce results
The decision to withdraw had been agreed at an emergency meeting during the day between Norman Lamont, Prime Minister John Major, Foreign Secretary Douglas Hurd, President of the Board of Trade Michael Heseltine, and Home Secretary Kenneth Clarke (the latter three pro-Europeans)
The decision to leave the ERM is agreed after emergency discussions involving Lamont, Prime Minister John Major, Foreign Secretary Douglas Hurd, President of the Board of Trade Michael Heseltine and Home Secretary Kenneth Clarke.
The Bank of England attempts to prop up their currency as per the decision made by Norman Lamont and Robin Leigh-Pemberton, the and Governor of the Bank of England respectively
The Bank of England's intervention was ineffective because Soros' Quantum Fund was dumping pounds far faster. The Bank of England continued to buy and Quantum continued to sell until Lamont told Prime Minister John Major that their pound purchasing was failing to produce results
Sterling leaves the Exchange Rate Mechanism, damaging Conservative European policy credibility.
Major keeps his economic team unchanged for seven months after Black Wednesday before he replaced Norman Lamont with Kenneth Clarke as Chancellor of the Exchequer
The British Conservative Government is forced to withdraw the pound sterling from the European Exchange Rate Mechanism (ERM) after it was unable to keep the pound above its agreed lower limit in the ERM.
The UK Treasury estimates the cost of Black Wednesday at 3. 4 billion pounds.
The United Kingdom is forced to leave the Exchange Rate Mechanism (ERM) on "Black Wednesday" just five months into the new Parliament, when billions of pounds were spent in a futile attempt to defend the currencys value.
Interest rates are set at 10 percent, the day after Black Wednesday
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