Black Wednesday - JohnMajor
Updated: 2/8/2020
Black Wednesday - JohnMajor
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Storyboard Text

  • It was already at 10% ?
  • I am here to announce that I am officially increasing it rest rates to 12% and the 15%.
  • Martin Tyler
  • BRITAIN HAVE LEFT THE ERM!BUT THEIR FINANCIAL STATUS IS STILL IMPROVING.UNEMPLOYMENT REDUCING.HOUSING MARKET IS BETTER.
  • Alan Smith
  • HEY, GEORGE. W. H. BUSH HERE!BY THE WAY WE ARE DOING GREAT, AND WILL TRADE WITH UK
  • - Norman Lamont announced an increase in the interest rates, to persuade foreign investors to buy the pound again. - The Bank of England spent huge amounts form its reserves in buying the pound.
  • Martin Tyler
  • 
  • BUSINESS ARE ON THE SIDE OF GOVERNMENT POLICIES
  • Alan Smith
  • - The British economy after BLACK WEDNESDAY, began to improve Britain's economic stance. -Leaving the ERM prevented Britain from having high interest rates. This allowed exchange rates to float downwards.
  • MAJOR OUT!
  • WE WANT LABOUR IN
  • WE WANT MAJOR OUT
  • -America had come out of recession and world trade was expanding.-The UK was benefitting from financial deregulation. --The German market was struggling with huge costs, and had sluggish growth compared to the UK.
  • BLACK Wednesday Foreign Exchange speculators by and sell currency. If they sell the currency will fall in value.
  • -By 1997 most economic indicators were positive.-Unemployment was down- Productivity is going up.-Car ownership went up.-House prices rose.
  • -The long standing Tory electoral asset of being trusted, on the economy was thrown away.-John Major's personal authority was badly weakened.-Fiercely criticised by the newspapers that once loved him. (Labour shot up in the opinion polls).
  • -Black Wednesday Foreign Exchange, speculators buy and sell currency. -If they sell the currency will fall in value.-In Sept 1992 there was a wave of speculative selling of the pound on the financial markets.
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