Sterling marked the 30th anniversary of"Black Wednesday" today by falling to a fresh 37-year low against the US dollar and a 19-month trough against the euro, after weaker-than-expected retail sales figures reinforced fears about Britain's economy.
On September 16 1992, Britain crashed out of the Exchange Rate Mechanism - a system designed to reduce currency fluctuations ahead of the launch of the euro - causing a sharp devaluation in the pound. This was just the latest bad news for the British economy, which faces slower economic growth and more persistent inflation than any other major economy next year, the International Monetary Fund forecasts.
Given the economics in the UK… You’d imagine the pound would be at parity with the € & the $
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