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Black Wednesday Videos
27th January 2009
Most years when I come to teach the economics of fixed versus floating exchange rates I end up spending some time looking around on the BBC web site for an archive video of the night in September 1992 when the UK suspended membership of the exchange rate mechanism.
It is a four minute video that still gets my students going - especially when they see the shadowy figure of David Cameron lurking in the background as Norman Lamont strolls out to announce the pound’s exit from the system and trigger a sudden devaluation of sterling against a host of currencies. Good images too of city dealing floors with very old computers and GTO telephones! But an important landmark as it ushered in an age of free-floating exchange rates for the British economy.
You Tube comes to the rescue now - there are several copies of the same video clip featuring the dulcet tones of Peter Jay.
And this link takes you to a clip from Andrew Marr’s recent series - another excellent resource on Black Wednesday.
Geoff Riley
Geoff Riley FRSA has been teaching Economics for over thirty years. He has over twenty years experience as Head of Economics at leading schools. He writes extensively and is a contributor and presenter on CPD conferences in the UK and overseas.