Author: Philip Eade
Jim Trott, who was chief dealer at the Bank of England in 1992 when Britain left the Exchange Rate Mechanism, has vivid memories of what came to be called Black Wednesday. “It was the sort of situation that if you’d known what was going to happen in advance, you’d have arranged to be on leave,” he says. “But having gone through it, you wouldn’t want to have missed out. It was an incredible position being between the government’s objectives on the one hand and the markets on the other, with the government believing it could support the rate of Dm2.7780
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