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A tale of two exits: from “Black Wednesday” to Brexit

When Britain crashed out of the ERM 25 years ago it left a toxic trail

By Paul Wallace  

Chancellor Norman Lamont leaves the Treasury on "Black Wednesday." Photo: Neil Munns/PA Archive/PA Images

The night of 23rd June 2016 when Britain learned that it had decided to leave the European Union was one that few will forget, not least frantic currency traders as the pound plummeted.

But this was not the first time that the British had exited a European club and sterling had slumped. On September 16th 1992 the pound was forced out of Europe’s currency grid after a tumultuous day in which interest rates were yanked…

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