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Old 29-12-2017, 07:40   #1
Enoch Powell
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Default Thatcher privately warned John Major before ERM crisis which crashed the pound

Quote:
Margaret Thatcher privately warned John Major that he was in danger of making a mistake of Churchillian proportions on exchange rate policy and risked pitching the British economy into recession, the cabinet papers reveal.

Her warning to her anointed successor as prime minister came 20 months before “Black Wednesday”, when the pound crashed out of the European exchange rate mechanism in September 1992.

Major told Thatcher he agreed the economic situation was tough but warned “against snatching at an interest rate reduction at the first opportunity” and believed “the prospects for getting inflation down next year were good”.

But while Major did succeed in bringing down inflation, helped by the discipline of ERM membership, Thatcher’s warning that Britain had joined at too high a rate would be vindicated when Black Wednesday arrived. Britain spent more than £6bn on 16 September 1992 trying and failing to keep the pound within the ERM’s narrow limits. George Soros was dubbed the man who broke the Bank of England after making £1bn profit in the single day.
https://www.theguardian.com/uk-news/...ore-erm-crisis

Maggie knew the score a lot more than the EU-cocksucking RUNT Major
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