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Article: Black Wednesday still haunts Tories
- Article from:
- The Scotsman
- Article date:
- September 17, 2002
- Author:
CopyrightCopyright 2002 The Scotsman. Provided by ProQuest LLC. (Hide copyright information)
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JOINING the euro would take Britain into the same trap which
ensnared John Major's government on Black Wednesday ten years ago,
Norman Lamont said yesterday.
The former Chancellor warned that, if Britain's growing economy
was tied together with that of recession-struck Germany, the country
would face the "same risks" encountered in the Exchange Rate
Mechanism (ERM).
His warning came as the Conservative politicians involved in the
Black Wednesday fiasco sought to defend their record, arguing that
withdrawing from the euro project had laid the path to a decade of
growth.
Lord Lamont said that the ERM had foundered because of the
difference in economic needs in Germany and the UK. This ...