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Originally Posted by Mancie
 ..Oh how we tend to forget the past... perhaps we should re- join the ERM ..Thatcher and Lamont's doing... the closest this country has ever been to joining the Euro!
Chancellor Norman Lamont raised interest rates from 10% to 12%, then to 15%, and authorised the spending of billions of pounds to buy up the sterling being frantically sold on the currency markets.
BBC ON THIS DAY | 16 | 1992: UK crashes out of ERM |
Aye, we do forget the past . I seem to recall it was Lawson who began the policy (unbeknown to Thatcher) of shadowing the Mark back in 1988 or thereabouts; formal entry into the ERM did not occur until late 1990 and within a few weeks Thatcher was kicked out by her own people and it was nowt to do with ERM membership. The Black Wednesday debacle was not until 1993, by which time it was Major and Lamont running the show. Despite their incompetance, it was probably the best thing to happen to the British economy.
The billions spent by Lamont is, of course, total chickensh*t compared to the hundreds of billions which have now been peed away by Brown, Darling and the rest of this diabolical crew, not forgetting the 200billion they have just printed off through 'Quantitive Easing'. God alone knows what effect this will have on inflation once its worked it's way through the system. You can shortly say goodbye to the UK's triple 'A' rating, interest rates will be through the roof and if any of you have any sense, you'll emigrate before the UK ends up a third world country.