Welcome to the A Long Time In Finance Podcast; the long view of finance, markets and money as seen by two veteran City editors, Neil Collins and Jonathan Ford. Sponsored by Briefcase.News and hosted on Reaction. This week’s episodes look back on Black Wednesday.
On 16 September 1992, after an “extremely difficult and turbulent day”, sterling was driven out of the Exchange Rate Mechanism, shattering the central economic policy of John Major’s government and arguably setting Britain on a path to the fringes of, and ultimately the exit from, the European Union.
In the first of a three-part series, Neil and Jonathan look back on the run up to the crisis with Jonathan Portes, Sir Paul Tucker, both of whom had ringside seats in the Treasury and Bank of England respectively, and economic historian Duncan Weldon.
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In the second of our three-part series, Neil and Jonathan look back on the events of Black Wednesday itself with Sir Paul Tucker, who watched the mounting chaos from the Bank of England.