Live Breaking News & Updates on ஐரோப்பிய நிதி அமைச்சர்கள்
Stay updated with breaking news from ஐரோப்பிய நிதி அமைச்சர்கள். Get real-time updates on events, politics, business, and more. Visit us for reliable news and exclusive interviews.
The events of September 1992 has been documented by the late Jeremy Heywood, who served as the Chancellor s principal private secretary from 1991 to 1997. Although he passed away in October 2018, his wife Suzanne Heywood has recently published a record of his career in the book: What Does Jeremy Think? Jeremy Heywood and the Making of Modern Britain . The book details the cataclysmic effect of comments made by Helmut Schlesinger, the head of Bundesbank, to the press the day before Black Wednesday crippled the UK economy. From the third quarter of 1992, the UK economy started to falter and required Europe to lower its interest rates to help prevent the economy from free falling. ....
The ERM started to become problematic for the UK in 1992, as Britain required Europe to lower its interest rates to help prevent the economy from free falling. However, Germany s Bundesbank refused, prompting the Chancellor, Norman Lamont, to urge Mrs Thatcher s successor to pull out of the mechanism. However Mr Major, a pro-European, was firmly against severing ties with the bloc, despite several pleas from the Treasury. This exchange has been documented by the late Jeremy Heywood, who served as the Chancellor s principal private secretary from 1991 to 1997. The EU set the UK an economic trap with one of its currency mechanisms, it is claimed (Image: Getty) ....