Black Wednesday remembered

They got it wrong last time…

It is the tenth anniversary of Black Wednesday, 16 September 1992, and, across the nation, there will be diverse commemoration of that astonishing moment when the pound crashed out of the Exchange Rate Mechanism. Some may be brooding sorrowfully on the Tory party, which has not since recovered in the polls. Some may want to show a mark of respect to the myriad job losses, the 100,000 destroyed businesses, and the 1.75 million homes which were plunged into negative equity during the calamitous two years of Britain’s membership.

Here at The Spectator, we thought it right to remind you of all those who clamoured for the pound to join in October 1990, and who heroically pretended that the system was working. They are invariably the same people who are now, in spite of the catastrophe they helped to bring about, urging the union of the pound with the euro.