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As a result of uncertainties caused by the French referendum, massive speculative flows have continued to disrupt the functioning of the exchange rate mechanism. As Chairman of Ecofin I have tonight called an urgent meeting of the EC's monetary committee to consider how stability might be restored to the markets over the next few days.
In the meantime the Government has decided that Britain's best interests would be best secured by suspending our membership of the ERM with immediate effect. As a result, the second of the two interest rate rises announced today will not take effect.
--
Larry Elliott, Will Hutton and Julie Wolf, "Pound drops out of ERM", The Guardian, 17 September 1992.
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Speech outside the Treasury on 'Black Wednesday' (16 September 1992) announcing the ERM withdrawal.

 

Norman Lamont

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