Late July 1992

The critics are getting noisier. More and more London ffnancial experts question the government's exchange rate policy and whether Major and Lamont have the backbone to hold to that policy in the face of Britain's mounting recession.

British business leaders are demanding a realignment of sterling within the ERM to a central rate of around 2.60 marks. They want a cut in interest rates, too, of at least 3 percent. None of their pleas seem to be reaching the government.

Through the summer and early fall of 1992, Chancellor Lamont rules out devaluation. "Fool's gold" he calls such a step.

Lessons From The Intelligent Investor

Lessons From The Intelligent Investor

If you're like a lot of people watching the recession unfold, you have likely started to look at your finances under a microscope. Perhaps you have started saving the annual savings rate by people has started to recover a bit.

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