[Politics] Black Wednesday

[Tubby Mondays]

32 years ago today.

Happy anniversary!

 

[AK74]

 

[Nobby Cybergoat]

But at least the tories have fastidiously rebuilt their reputation for economic competence in the intervening years

 

[Weststander]

The obsession with the ERM (and eventual €). Naive, Soros and the markets had a field day with Major/Lamont’s baseless experiment, at our expense. Well done hapless John.

The silver lining was the appointment of Ken Clarke who built a recovery that lasted until 2017.

 

[Tubby Mondays]

2017?!

 

[LamieRobertson]

Was that the day base rates jumped from 12% to 15%?

i remember interviewing a couple running a restaurant in East Sussex who were in arrears with their commercial mortgage …..came out after ….heard the news and thought they’re f****d

 

[LamieRobertson]

2017?!

Just after 2016

 

[Crawley Dingo]

But at least the tories have fastidiously rebuilt their reputation for economic competence in the intervening years

These days they would just be known as Remainers not Tories.

 

[Tubby Mondays]

Was that the day base rates jumped from 12% to 15%?

i remember interviewing a couple running a restaurant in East Sussex who were in arrears with their commercial mortgage …..came out after ….heard the news and thought they’re f****d

Yep

 

[Tubby Mondays]

Just after 2016

So not 1997 then?

 

[Weststander]

Major raised interest rates from 10% to 12% in the morning, to 15% in the afternoon. The next day back to 10%.

 

[LamieRobertson]

Major raised interest rates from 10% to 12% in the morning, to 15% in the afternoon. The next day back to 10%.

I forgot that bit in the morning …..as you said linked to the ERM and the Deutsche Mark

 

[Weststander]

I forgot that bit in the morning …..as you said the ERM and the Deutsche Mark

Tough times. Many lost everything.

 

[Beach Hut]

Good old Lamont went home and sang in the bath after that car crash

 

[Comrade Sam]

I was off to Corsica for a week's holiday. I'd saved £100 to spend but couldn't be arsed to change it till the Thursday and lost 20%.

 

[Dick Swiveller]

Was Norman Lamont the one with the yoghurt pot on his head?

#nichereference

 

[Triggaaar]

Major raised interest rates from 10% to 12% in the morning, to 15% in the afternoon. The next day back to 10%.

Now that is a PM with his finger on the pulse, reacting to events real time

 

[Triggaaar]

Was Norman Lamont the one with the yoghurt pot on his head?

#nichereference

Yes. He's also the one who made Julian Clary late.

 

[schmunk]

Yes. He's also the one who made Julian Clary late.

LIAR

Julian Clary's not dead.