Black Wednesday information

Black Wednesday, or the 1992 sterling crisis, was a financial crisis that occurred on 16 September 1992 when the UK Government was forced to withdraw sterling from the (first) European Exchange Rate Mechanism (ERM I), following a failed attempt to keep its exchange rate above the lower limit required for ERM participation. At that time, the United Kingdom held the Presidency of the Council of the European Union.

The crisis damaged the credibility of the second Major ministry in handling of economic matters. The ruling Conservative Party suffered a landslide defeat five years later at the 1997 general election and did not return to power until 2010. The rebounding of the UK economy in the years following Black Wednesday has been attributed to the depreciation of sterling and the replacement of its currency tracking policy with an inflation targeting monetary stability policy.^[1]^[2]

^ McRae, Hamish (10 February 2005). How the ERM disaster turned into a triumph. The Independent. Retrieved 21 October 2019.
^ Moore, Charles (3 November 2018). Bring on the next Black Wednesday. The Spectator. Retrieved 21 October 2019.

[1] McRae, Hamish (10 February 2005). How the ERM disaster turned into a triumph. The Independent. Retrieved 21 October 2019.

[2] Moore, Charles (3 November 2018). Bring on the next Black Wednesday. The Spectator. Retrieved 21 October 2019.

Black Wednesday information

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Black Wednesday

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Holy Wednesday

Black Wednesday 1878

Black Consciousness Movement

John Major

1997 United Kingdom general election

George Soros

The Black Hamptons

Norman Lamont

Amar Khan

European Exchange Rate Mechanism

List of economic crises

Wall Street Crash of 1929

Sterling crisis

Premiership of John Major

Quantum Group of Funds

July effect

2020 stock market crash

Ash Wednesday

United Kingdom membership of the European Union

Politics of the European Union
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