Great Britain · Government / Conservative Party Government. Chronological records from PostgreSQL.
Quotes from an article written before Walters' return to Downing St showed him to believe the European Exchange Rate Mechanism (ERM) "half-baked" and unsustainable, Lawson demanded Walters' dismissal, and failing to force Thatcher's hand, departed
Walters argued that Lawson's interest-rate rises were risking a UK recession, which later transpired
Major & Hurd convince the Cabinet to sign Britain up to the European Exchange Rate Mechanism (ERM) guaranteeing that the the pound and other member currencies do not fluctuate by more than 6%
Conflict over economic policy intensifies between Lawson and Margaret Thatcher's adviser Alan Walters, contributing to Lawson's resignation as Chancellor and his replacement by John Major.
There is a clash between Lawson and Alan Walters when the latter claims the ERM is "half baked", Lawson resigns and is replaced by John Major
Inflation rises to 10.9%
Inflation rises sharply during the late 1980s, with annual all-items RPI inflation averaging about 4.9 percent in 1988, 7.8 percent in 1989 and 9.5 percent in 1990.
At 10:30 AM on 16 September, the British Government announced a rise in the base interest rate from an already high 10 to 12 percent to tempt speculators to buy pounds.
By 7:00 that evening, Norman Lamont, then Chancellor, announced Britain would leave the ERM and rates would remain at the new level of 12 percent
Despite this and a promise later the same day to raise base rates again to 15 percent, dealers kept selling pounds, convinced that the Government would not stick with its promise.
The United Kingdom is forced to leave the Exchange Rate Mechanism (ERM) on "Black Wednesday" when billions of pounds are lost defending the currency's value.
The Government announces a rise in the base interest rate from an already high 10 to 12 percent in order to tempt speculators to buy pounds, despite this and a promise later the same day to raise base rates again to 15 percent, dealers keep selling
The recession that had started just before Major came to office is declared over when the first quarter of the year had seen economic growth return for the first time since the second quarter of 1990
Only 15 deep coal mines remain at the time of privatisation in 1994
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