Black Wednesday

Short description: 1992 UK financial crisis

"White Wednesday" redirects here. For the online movement, see White Wednesday (movement). For the shopping event, see White Wednesday (shopping). For other uses, see Black Wednesday (disambiguation).

The number of Deutschmarks which £1 could purchase from August 1992 to January 1993; Black Wednesday is marked by a solid red vertical line

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Template:John Major sidebar

Black Wednesday, or the 1992 sterling crisis, was a financial crisis that occurred on 16 September 1992 when the UK Government was forced to withdraw pound sterling (GBP) from the (first) European Exchange Rate Mechanism (ERM I), following a failed attempt to keep its exchange rate above the lower limit required for ERM participation. At that time, the United Kingdom held the presidency of the Council of the European Union.

The crisis damaged the credibility of the second Major ministry in handling of economic matters. The ruling Conservative Party suffered a landslide defeat five years later at the 1997 general election and did not return to power until 2010. The rebounding of the UK economy in the years following Black Wednesday has been attributed to the depreciation of sterling and the replacement of its currency tracking policy with an inflation targeting monetary stability policy.[1][2]

## Contents

* 1 Prelude
* 2 The currency traders' actions
* 3 Aftermath
* 4 The cost of Black Wednesday
* 5 See also
* 6 Footnotes
* 7 Further reading
* 8 External links

## Prelude

When the ERM was set up in 1979, the United Kingdom declined to join. This was a controversial decision, as the chancellor of the exchequer, Geoffrey Howe, was staunchly pro-European. His successor, Nigel Lawson, whilst not at all advocating a fixed exchange rate system, nevertheless so admired the low inflationary record of West Germany's Deutsche Mark (DEM) as to become, by the mid-eighties, a self-styled "exchange-rate monetarist". Lawson viewed the GBP/DEM exchange rate as at least as reliable a guide to domestic inflation - and hence to the setting of interest rates - as any of the various M0-M3 measures beloved of those he labelled as "Simon Pure" monetarists. He justified this by pointing to the dependable strength of the West German currency and the Bundesbank's reliable avoidance of inflation, both of which he explained by citing the lasting impact in Germany of the disastrous hyperinflation of the Weimar Republic. Thus, although the UK had not joined the ERM, at Lawson's direction (and with Prime Minister Margaret Thatcher's reluctant acquiescence), from early 1987 to March 1988 the Treasury followed a semi-official policy of "shadowing" the Deutsche Mark.[3] Matters came to a head in a clash between Lawson and Thatcher's economic adviser Alan Walters, when Walters claimed that the Exchange Rate Mechanism was "half baked".[4]

This led to Lawson's resignation as Chancellor; he was replaced by former Treasury chief secretary John Major who, with Foreign Secretary Douglas Hurd, convinced the Cabinet to sign Britain up to the ERM in October 1990, effectively guaranteeing that the UK Government would follow an economic and monetary policy preventing the exchange rate between the pound and other member currencies from fluctuating by more than 6%. On 8 October 1990, Thatcher entered the pound into the ERM at DM 2.95 to £1. Hence, if the exchange rate ever neared the bottom of its permitted range, DM 2.773 (€1.4178 at the DM/Euro conversion rate), the government would be obliged to intervene. In 1989, the UK had inflation three times the rate of Germany, higher interest rates at 15%, and much lower labour productivity than France and Germany, which indicated the UK's different economic state in comparison to other ERM countries.[5]

From the beginning of the 1990s, high German interest rates, set by the Bundesbank to counteract inflationary effects related to excess expenditure on German reunification, caused significant stress across the whole of the ERM. The UK and Italy had additional difficulties with their double deficits, while the UK was also hurt by the rapid depreciation of the United States dollar - a currency in which many British exports were priced - that summer. Issues of national prestige and the commitment to a doctrine that the fixing of exchange rates within the ERM was a pathway to a single European currency inhibited the adjustment of exchange rates. In the wake of the rejection of the Maastricht Treaty by the Danish electorate in a referendum in the spring of 1992, and an announcement that there would be a referendum in France as well, those ERM currencies that were trading close to the bottom of their ERM bands came under pressure from foreign exchange traders.[6]

In the months leading up to Black Wednesday, George Soros, among many other currency traders, had been building a huge short position in sterling that would become immensely profitable if the currency fell below the lower band of the ERM. Soros believed the rate at which the United Kingdom entered the Exchange Rate Mechanism was too high, inflation was too high (triple the German rate), and British interest rates were hurting their asset prices.[7] Apart from Soros, Sir Samuel Brittan, eminent columnist for the Financial Times also believed that ERM rate of 2.95 DM per pound sterling was too uncompetitive for British manufacturing and thus the pound was overvalued. He wrote in the year 1992 "Everywhere in Central Europe I heard sterling attacked before the schnapps".[8]

## The currency traders' actions

The UK government attempted to prop up the depreciating pound to avoid withdrawal from the monetary system the country had joined only two years earlier. John Major authorised the spending of billions of Deutsche Marks of the Bank of England's foreign currency reserves to buy up pound sterling being sold on the currency markets. These measures failed to prevent the pound falling below its minimum level in the ERM. The Treasury took the decision to defend sterling's value in terms of Deutsche Marks, believing that devaluing the pound sterling would promote inflation.[9]

Remarks by Bundesbank president Helmut Schlesinger triggered the attack on the pound.[10] An interview of Schlesinger in The Wall Street Journal was reported by the German financial paper Handelsblatt.[11] Schlesinger told the journalist that "a more comprehensive realignment" of currencies would be needed, following a recent devaluation of the Italian lira.[12] On the evening of Tuesday, 15 September 1992, the headline was already circulating. Schlesinger said he thought he was speaking off the record. He later wrote that he stated a fact and this could not have triggered the crisis.[13] This remark hugely increased pressure on the pound leading to large sterling sales.[10][14]

Currency traders began a massive sell-off of pounds on Wednesday, 16 September 1992. The Exchange Rate Mechanism required the Bank of England to accept any offers to sell pounds. However, the Bank of England only accepted orders during the trading day. When the markets opened in London the next morning, the Bank of England began their attempt to prop up their currency, as decided by Norman Lamont, the chancellor of the exchequer, and Robin Leigh-Pemberton, governor of the Bank of England. They began accepting orders of £300 million twice before 8:30 am, but to little effect. [15] The Bank of England's intervention was ineffective because traders were dumping pounds far faster. The Bank of England continued to buy, and traders continued to sell, until Lamont told Prime Minister John Major that their pound purchasing was failing to produce results.[16]

At 10:30 am on 16 September, the British government announced an increase in the base interest rate, from an already high 10%, to 12% to tempt speculators to buy pounds. Despite this and a promise later the same day to raise base rates again to 15%, dealers kept selling pounds, convinced that the government would not keep its promise. By 7:00 pm that evening, Lamont announced Britain would leave the ERM and rates would remain at the new level of 12%; however, on the next day the interest rate was back to 10%.[16]

It was later revealed that the decision to withdraw had been agreed at an emergency meeting during the day between Lamont, Major, Foreign Secretary Douglas Hurd, President of the Board of Trade Michael Heseltine, and Home Secretary Kenneth Clarke (the latter three all being staunch pro-Europeans as well as senior Cabinet ministers),[17] and that the interest rate hike to 15% had only been a temporary measure to prevent a rout in the pound that afternoon.[18]

## Aftermath

Other ERM countries such as Italy, whose currencies had breached their bands during the day, returned to the system with broadened bands or with adjusted central parities.[19]

Some commentators, following Norman Tebbit, took to referring to ERM as an "Eternal Recession Mechanism"[20] after the UK fell into recession during the early 1990s. While many people in the UK recall Black Wednesday as a national disaster that permanently affected the country's international prestige, some Conservatives claim that the forced ejection from the ERM was a "Golden Wednesday"[21] or "White Wednesday",[22] the day that paved the way for an economic revival, with the Conservatives handing Tony Blair's New Labour a much stronger economy in 1997 than had existed in 1992[22] as the new economic policy swiftly devised in the aftermath of Black Wednesday led to re-establishment of economic growth with falling unemployment and inflation.[23] Monetary policy switched to inflation targeting.[24][25]

The Conservative Party government's reputation for economic excellence had been damaged to the extent that the electorate was more inclined to support a claim of the opposition of the time – that the economic recovery ought to be credited to external factors, as opposed to government policies implemented by the Conservatives. The Conservatives had recently won the 1992 general election, and the Gallup poll for September showed a small lead of 2.5% for the Conservative Party. By the October poll, following Black Wednesday, their share of the intended vote in the poll had plunged from 43% to 29%.[26] The Conservative government then suffered a string of by-election defeats which saw its 21-seat majority eroded by December 1996. The party's performances in local government elections were similarly dismal during this time, while Labour made huge gains.

Black Wednesday was a major factor in the Conservatives losing the 1997 general election to Labour, who won by a landslide under the leadership of Tony Blair. The Conservatives failed to gain significant ground at the 2001 general election under the leadership of William Hague, with Labour winning another landslide majority. The Conservatives did not take Government again until David Cameron led them to victory in the 2010 general election, 13 years later. Five years later in 2015, the party won its first overall majority 23 years after its last in 1992, five months before the crisis.

George Soros made over £1 billion in profit by short selling sterling.[27]

## The cost of Black Wednesday

In 1997, the UK Treasury estimated the cost of Black Wednesday at £3.14 billion,[28] which was revised to £3.3 billion in 2005, following documents released under the Freedom of Information Act. (Earlier estimates placed losses at a much higher range of £13–27 billion.)[29] Trading losses in August and September made up a small part of the total (estimated at £800 million); the bulk of the loss to the central bank arose from non-realised profits of a potential devaluation. Treasury papers suggested that, had the government maintained $24 billion in foreign currency reserves and the pound had fallen by the same amount, the UK might have made a £2.4 billion profit on sterling's devaluation.[30][31]

## See also

* 1999–2002 sale of British gold reserves
* Impossible trinity
* Sterling crisis (disambiguation), other currency crises in British history

## Footnotes

1. ↑ McRae, Hamish (10 February 2005). How the ERM disaster turned into a triumph. The Independent. Retrieved 21 October 2019.
2. ↑ Moore, Charles (3 November 2018). Bring on the next Black Wednesday. The Spectator. Retrieved 21 October 2019.
3. ↑ "Not while I'm alive, he ain't – Part 4 Thatcher and Lawson". The Westminster Hour (BBC Radio 4). 15 May 2003. http://news.bbc.co.uk/2/hi/programmes/the_westminster_hour/archive/2318013.stm.
4. ↑ "Sir Alan Walters". The Daily Telegraph. 5 January 2009. https://www.telegraph.co.uk/news/obituaries/4126227/Sir-Alan-Walters.html.
5. ↑ Bonefeld, Werner; Burnham, Peter (13 January 2006). "1990–1992: Britain and the politics of the European exchange rate mechanism". Libcom. https://libcom.org/library/britain-european-exchange-rate-mechanism. Retrieved 17 January 2024.
6. ↑ Aykens, Peter (April 2002). "Conflicting Authorities: States, Currency Markets and the ERM Crisis of 1992–93". Review of International Studies (Cambridge University Press) 28 (2): 359–380. doi:10.1017/S0260210502003595. https://www.jstor.org/stable/20097797. Retrieved 21 October 2019.
7. ↑ Mallaby, Sebastian (10 June 2010). More Money Than God: Hedge Funds and the Making of a New Elite. Penguin Press HC. ISBN 9781594202551.
8. ↑ "Salesforce". https://financialtimes.my.salesforce.com/sfc/p/#20000000LryV/a/Px000001ehbx/PlFeF2Neq1EnX2fYXw.YQ6ikkbo4xdGf4OKXhGjJ95o.
9. ↑ Bootle, Roger (28 April 2008). "Pound fall is UK's get-out-of-jail-free card". The Daily Telegraph (London, UK). https://www.telegraph.co.uk/money/main.jhtml?xml=/money/2008/04/28/ccom128.xml.
10. ↑ 10.0 10.1 "A small remark with big consequences: what sparked Black Wednesday?". 30 September 2022. https://ehs.org.uk/a-small-remark-with-big-consequences-what-sparked-black-wednesday/.
11. ↑ James, Harold (2020). Making a Modern Central Bank: The Bank of England 1979–2003. Studies in Macroeconomic History. Cambridge: Cambridge University Press. p. 229. ISBN 978-1-108-83501-5. https://www.cambridge.org/core/books/making-a-modern-central-bank/901C6C0969209C20D1962B698DA26874.
12. ↑ Eichengreen, Barry; Naef, Alain (2022-09-01). "Imported or home grown? The 1992–3 EMS crisis" (in en). Journal of International Economics 138. doi:10.1016/j.jinteco.2022.103654. ISSN 0022-1996. https://www.sciencedirect.com/science/article/pii/S0022199622000861.
13. ↑ Marsh, David; Keegan, William; Roberts, Richard (2017-09-15). Six Days in September: Black Wednesday, Brexit and the making of Europe. OMFIF Press. ISBN 9780995563636.
14. ↑ Naef, Alain (2022). An Exchange Rate History of the United Kingdom: 1945–1992. Studies in Macroeconomic History. Cambridge: Cambridge University Press. ISBN 978-1-108-83999-0. https://www.cambridge.org/core/books/an-exchange-rate-history-of-the-united-kingdom/68B7E57D9884394B815C76D48ACD3FB6.
15. ↑ Litterick, David (13 September 2002). "Billionaire who broke the Bank of England". The Telegraph. https://www.telegraph.co.uk/finance/2773265/Billionaire-who-broke-the-Bank-of-England.html.
16. ↑ 16.0 16.1 Inman, Phillip (13 September 2012). "Black Wednesday 20 years on: how the day unfolded". The Guardian. https://www.theguardian.com/business/2012/sep/13/black-wednesday-20-years-pound-erm.
17. ↑ "Major's dither cost UK billions, says Lamont". The Independent. 27 September 1999. https://www.independent.co.uk/news/majors-dither-cost-uk-billions-says-lamont-1122598.html.
18. ↑ Johnston, Philip (10 September 2012). "Black Wednesday: The day that Britain went over the edge". The Daily Telegraph. https://www.telegraph.co.uk/finance/currency/9533474/Black-Wednesday-The-day-that-Britain-went-over-the-edge.html.
19. ↑ Sevilla, Christina R. Explaining the September 1992 ERM Crisis: The Maastricht Bargain and Domestic Politics in Germany, France, and Britain. Harvard University. Retrieved 21 October 2019.
20. ↑ Tebbit, Norman (10 February 2005). "An electoral curse yet to be lifted". The Guardian (London, UK). https://www.theguardian.com/politics/2005/feb/10/freedomofinformation.economy.
21. ↑ Roger Bootle (15 May 2009). "A strong-arm policy is needed to hold the pound down on the rebound". The Daily Telegraph (London, UK). https://www.telegraph.co.uk/finance/comment/rogerbootle/5339919/A-strong-arm-policy-is-needed-to-hold-the-pound-down-on-the-rebound.html.
22. ↑ 22.0 22.1 Kaletsky, Anatole (9 June 2005). "The reason that Europe is having a breakdown...it's the Euro, stupid". The Times. http://www.timesonline.co.uk/tol/comment/columnists/anatole_kaletsky/article1080261.ece. Retrieved 30 December 2008.
23. ↑ [1]
24. ↑ "Inflation Targeting Has Been A Successful Monetary Policy Strategy". NBER. https://www.nber.org/digest/apr98/w6126.html.
25. ↑ "Targeting Inflation: The United Kingdom in Retrospect". IMF. https://www.imf.org/external/pubs/ft/seminar/2000/targets/strach7.pdf.
26. ↑ "Gallup spreadsheet". http://ksghome.harvard.edu/~pnorris/datafiles/Gallup.xls.
27. ↑ Litterick, David (13 September 2002). "Billionaire who broke the Bank of England". The Daily Telegraph (London, UK). https://www.telegraph.co.uk/finance/2773265/Billionaire-who-broke-the-Bank-of-England.html.
28. ↑ Dury, Hélène. "Black_Wednesday". http://is.muni.cz/el/1456/podzim2011/MPF_AFIN/um/27608616/27608949/Black_Wednesday.pdf.
29. ↑ Tempest, Matthew (9 February 2005). "Treasury papers reveal cost of Black Wednesday". The Guardian (London). https://www.theguardian.com/politics/2005/feb/09/freedomofinformation.uk1.
30. ↑ Freeman, Harold. "The Cost of Black Wednesday Reconsidered". HM Treasury. p. 4. http://www.hm-treasury.gov.uk/d/Cost_Black_Weds_reconsidered.pdf.
31. ↑ "Guide to the papers and full list of documents". HM Treasury. http://www.hm-treasury.gov.uk/foi_erm4_2005.htm.

## Further reading

* Budd, Alan (2005). "Black Wednesday-A Re-examination of Britain's Experience in the Exchange Rate Mechanism". IEA Occasional Paper 135.
* Bustos, Sebastian, and Martin Rotemberg (2017). "Elasticity Pessimism: Economic Consequences of Black Wednesday".
* Eichengreen, Barry; Naef, Alain (2022). "Imported or Home Grown? The 1992-3 EMS Crisis". Journal of International Economics (Cambridge, MA). doi:10.3386/w29488. "Our analysis focuses on a neglected factor in the crisis: the role of the weak dollar in intra-EMS tensions.".
* Gottschalk, Sylvia. "From Black Wednesday to Brexit: Macroeconomic Shocks and Correlations of Equity Returns in France, Germany, Italy, Spain, and the United Kingdom". International Journal of Finance & Economics 28.3 (2023): 2843-2873.
* Roberts, Richard Whitfield, William Keegan, and David Marsh. Six days in September: Black Wednesday, Brexit and the Making of Europe (OMFIF Press, 2017). ISBN 9780995563636.
* Truman, Edwin M. (2002). "Economic Policy and Exchange Rate Regimes: What Have We Learned in the Ten Years Since Black Wednesday?" LSE Financial Markets Group.
* Ward, David (2022). "Black Wednesday 30 Years On".
* Williams, Ben (2022). "Black Wednesday: Thirty Years On". Political Insight 13.3: 22–25.

## External links

* Black Wednesday, BBC News. Retrieved 11 January 2017.
* open.edu 24, September 2009; , Martin Upton, head of the Centre for Financial Management at The Open University Business School tells Ione Mako about the upside of Black Wednesday.

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Currency,
governance,
regulation|

* Bank of England
* Governor of the Bank of England
* Budget
* Company law
* Competition and Markets Authority
* Department for Business, Energy and Industrial Strategy
* Financial Conduct Authority
* Gilts
* HM Revenue and Customs
* HM Treasury
* Chancellor of the Exchequer
* Debt Management Office
* Monetary Policy Committee
* Office for Budget Responsibility
* Pound sterling
* Banknotes
* Coinage
* Taxation
* UK Statistics Authority
* UK Trade & Investment

History|

| Chronological|

* 1659–1849 Navigation Acts
* Agricultural Revolution
* Industrial Revolution
* Financial Revolution
* Panic of 1796–97
* 1815–46 Corn Laws
* New Imperialism 1830s–1945
* Second Industrial Revolution 1860s–1914
* 1873–79 Long Depression
* 1926 general strike
* 1929–39 Great Depression
* 1948–52 Marshall Plan
* 1974 Three-Day Week
* 1979 Winter of Discontent
* 1986 Big Bang
* 1992 Black Wednesday
* Late-2000s recession
* 2008 bank rescue package
* 2009 bank rescue package

|

Recurrent|

* Economic geography
* Free trade
* Gold standard
* Recessions and recoveries
* National champions policy
* Economic liberalism
* Privatisation
* Nationalisation

Nations,
regions,
cities|

| England|

* Atlantic Gateway
* Birmingham
* Big City Plan
* Bristol
* Cornwall
* Croydon
* Croydon Vision 2020
* Devon
* Expansion plans for Milton Keynes
* Fishing
* Leeds
* List of counties by GVA
* Liverpool
* London
* East London Tech City
* London Plan
* M4 corridor
* M11 Corridor
* Manchester
* Reading
* Sheffield
* Silicon Fen
* Thames Gateway
* Tourism
* Transport

|

Northern
Ireland|

* Belfast
* Transport

Scotland|

* Aberdeen
* Agriculture
* Edinburgh
* Industrialisation
* Fishing
* Oil and gas
* Renewable energy
* Silicon Glen
* Tourism
* Transport
* Whisky

Wales|

* Cardiff (Cardiff Bay)
* Swansea
* Tourism
* Transport

People
and labour|

* Billionaires
* Businesspeople
* Demography
* Income
* Poverty
* Labour law
* Equal opportunities
* Minimum wage
* Working Time Directive
* Pensions
* Trades unions
* Trades Union Congress
* Unemployment

Sectors|

| Resource and
production|

* Energy/Renewable energy
* Biodiesel
* Coal
* Geothermal
* Fracking
* Hydroelectricity
* Marine
* North Sea oil
* Solar
* Wind
* Food
* Agriculture
* Cider
* Wine
* Beer
* Fishing
* English
* Scottish
* Materials
* Forestry
* Mining

|

Financial
services|

* Baltic Exchange
* Banking
* List of banks
* List of UK building societies
* Canary Wharf
* The City
* Royal Albert Dock (future)
* Euronext.liffe
* Glasgow International Financial Services District
* Insurance
* Lloyd's of London
* LCH
* London Interbank Offered Rate
* London Metal Exchange
* London Platinum and Palladium Market
* London Stock Exchange
* Alternative Investment Market

Other|

* Education
* Entertainment & Media
* Cinema
* Gambling
* Newspapers
* Radio
* Television
* Theatre
* Healthcare
* Legal services
* Manufacturing
* Aerospace
* Automotive
* Pharmaceuticals
* Exports
* Property
* Architecture
* Construction
* Housing
* Real estate
* Science and technology
* Internet
* Telecommunications
* Supermarkets
* Tourism
* Transport
* Aviation
* Rail
* Inter-city
* High-speed

Trade and
business
organisations|

* Business organisations
* British Bankers' Association
* British Chambers of Commerce
* Confederation of British Industry
* Co-operatives UK
* EEF
* Federation of Small Businesses
* Industry trade groups
* Institute of Directors
* UK Payments Administration

* Category
* Commons

* v
* t
* e

Brexit

* Renegotiation
* Referendum
* results
* Brexit negotiations
* Brexit withdrawal agreement
* Trade negotiation
* Trade and Cooperation Agreement
* Timeline

Referendum question|

"Should the United Kingdom remain a member of the European Union or leave the European Union?"

Referendum legislation|

* European Union Referendum Act 2015
* Gibraltar
* European Union Referendum (Date of Referendum etc.) Regulations 2016
* The European Union Referendum (Conduct) Regulations 2016

Background|

| Treaties|

* Rome
* 1972 Accession Treaty
* Single European Act
* Maastricht
* Amsterdam
* Nice
* European Constitution
* Lisbon
* United Kingdom opt-outs from EU legislation

|

Legislation|

* European Communities Act 1972
* Amendments: 1986
* 1993
* 1998
* 2002
* 2008
* 2011
* European Economic Area Act 1993

Proposed bills|

* European Union Bill 2004–05
* European Communities Act 1972 (Repeal) Bills
* European Union (Referendum) Bill 2013–14
* Terms of Withdrawal from EU (Referendum) Bills
* UK Withdrawal from the European Union (Legal Continuity) (Scotland) Bill 2018
* European Union Withdrawal Agreement (Public Vote) Bill 2017–19

Elections|

* 2014 European Parliament election
* 2015 general election
* 2016 Scottish Parliament election
* 2016 Welsh Assembly election

By-elections|

* 2014 Clacton
* 2014 Heywood and Middleton
* 2014 Rochester and Strood

Other|

* UK accession
* 1973 EC enlargement
* UK membership
* 1975 EC membership referendum
* UK rebate
* Black Wednesday
* EEA
* UK Opt-outs
* The European Union: In or Out
* Bloomberg speech
* Russian interference
* 2015–16 renegotiation
* Euroscepticism in the UK

Campaign|

* Issues
* Opinion polling
* Endorsements
* Project Fear
* Unlawful campaigning allegations
* Brexit: The Movie

Campaign
organisations|

| Remain|

* Britain Stronger in Europe (official campaign)
* Labour In for Britain

|

Leave|

* Vote Leave (official campaign)
* Leave.EU
* BeLeave
* Grassroots Out
* Labour Leave
* Campaign for an Independent Britain
* The Freedom Association
* Better Off Out
* Get Britain Out
* Bruges Group

Aftermath of
referendum|

| Political party
leadership elections|

* Conservative
* 2016
* 2019
* Scottish, Feb 2020
* Labour
* UKIP

|

Opposition to Brexit|

* Proposed second referendum
* People's Vote
* Petition to revoke Article 50
* Led By Donkeys
* Bollocks to Brexit

Elections|

* 2017 local
* 2017 general
* 2018 local
* 2019 local
* 2019 European Parliament
* Brexit Party
* 2019 general

By-elections|

* 2016 Witney
* 2016 Richmond Park
* 2016 Sleaford and North Hykeham
* 2017 Copeland
* 2017 Stoke-on-Trent Central
* 2019 Peterborough
* 2019 Brecon and Radnorshire

Other|

* International reactions
* March to Leave
* Brexit Alliance
* Blue Collar Conservativism
* Brexit Party
* Independent Alliance for Reform

Brexit process|

* Miller I case
* Invocation of Article 50
* Negotiations
* Brexit divorce bill
* 2017
* 2018
* 2019
* Withdrawal agreement
* Parliamentary votes
* No-deal Brexit
* Operation Yellowhammer
* Prorogation of Parliament
* Miller II / Cherry case
* Trade negotiation between the UK and the EU
* EU–UK Trade and Cooperation Agreement (TCA)

Impact of Brexit
and
Potential effects|

| on Northern Ireland and
the Republic of Ireland|

* Brexit and the Irish border
* Ireland/Northern Ireland protocol
* Irish Sea border

|

Other|

* on Gibraltar
* on the EU
* Science and technology
* Economic effects
* Post-Brexit United Kingdom relations with the European Union

Brexit legislation|

* Notification of Withdrawal Act 2017
* Withdrawal Act 2018 (Gibraltar)
* Nuclear Safeguards Act 2018
* Cooper–Letwin Act
* Benn Act
* Withdrawal Agreement Act 2020 (Gibraltar)
* Internal Market Act 2020
* Future Relationship Act 2020
* UK Withdrawal from the European Union (Continuity) (Scotland) Act 2020

Related|

* Brexit 50p coin
* Change Britain
* European Research Group
* "Enemies of the People"
* Leave Means Leave
* Led By Donkeys
* More United
* Northern Future Forum
* The New European
* Open Britain
* Proposed second Scottish independence referendum
* Rue du Brexit
* Terminology (Glossary)
* Tufton Street
* United Ireland

Media depictions|

* Remainiacs (2017)
* Postcards from the 48% (2018)
* Not Tonight (2018)
* Brexit: The Uncivil War (2019)
* @BorderIrish (2018–2020)

* Category

* v
* t
* e

Financial crises

* Banking panic
* Bear market
* Credit crunch
* Credit cycle
* Currency crisis
* Debt crisis
* Energy crisis
* Flash crash
* Hyperinflation
* Liquidity crisis
* Minsky moment
* Stock market crash

Pre–1000|

* Crisis of the Third Century (CE 235–284)

1000–1760|

* Great Bullion Famine (c. 1400–c. 1500)
* The Great Debasement (1544–1551)
* Kipper und Wipper (1621–1623)
* Tulip mania crash (1637)
* South Sea bubble crash (1720)
* Mississippi bubble crash (1720–1721)

1760–1840|

* Amsterdam banking crisis of 1763
* Bengal bubble crash (1769–1784)
* Crisis of 1772
* Dutch Republic financial collapse (c. 1780–1795)
* Panic of 1785
* Copper Panic of 1789
* Panic of 1792
* Panic of 1796–97
* Danish state bankruptcy of 1813
* Panic of 1819
* Panic of 1825
* Panic of 1837

1840–1870|

* Panic of 1847
* Panic of 1857
* Panic of 1866
* Black Friday (1869)

1870–1914|

* Panic of 1873
* Paris Bourse crash of 1882
* Panic of 1884
* Arendal crash (1886)
* Baring crisis (1890)
* Encilhamento (1890–1893)
* Panic of 1893
* Australian banking crisis of 1893
* Black Monday (1894)
* Panic of 1896
* Panic of 1901
* Panic of 1907
* Shanghai rubber stock market crisis (1910)
* Panic of 1910–11

1918–1939|

* Early Soviet hyperinflation (1917–1924)
* Weimar Republic hyperinflation (1921–1923)
* Shōwa financial crisis (1927)
* Wall Street Crash of 1929
* Panic of 1930

1945–1973|

* Kennedy Slide of 1962

1973–1982|

* 1970s energy crisis (1973–1980)
* 1973 oil crisis
* 1973–74 stock market crash
* Secondary banking crisis of 1973–1975
* Latin American debt crisis (1975–1982)
* 1976 IMF crisis
* 1979 oil crisis
* Brazilian hyperinflation (1980–1982)

1982–2007|

* Brazilian hyperinflation (1982–1994)
* Souk Al-Manakh stock market crash (1982)
* Chilean crisis of 1982
* 1983 Israel bank stock crisis
* Black Saturday (1983)
* Savings and loan crisis (1986–1995)
* Black Monday (1987)
* 1988–1992 Norwegian banking crisis
* Friday the 13th mini-crash (1989)
* Japanese asset price bubble crash (1990–1992)
* 1990 oil price shock
* Rhode Island banking crisis (1990–1992)
* 1991 Indian economic crisis
* 1990s Swedish banking crisis (1991–1992)
* 1990s Finnish banking crisis (1991–1993)
* 1990s Armenian energy crisis (1991–1995)
* Cuban Special Period (1991–2000)
* Black Wednesday (1992)
* 1992 Colombian energy crisis
* 1994 bond market crisis
* Venezuelan banking crisis of 1994
* Mexican peso crisis (1994)
* 1997 Asian financial crisis
* October 27, 1997 mini-crash
* 1998 Russian financial crisis
* 1998–99 Ecuador financial crisis
* Samba effect (1999)
* California electricity crisis (2000–01)
* Dot-com bubble crash (2000–2004)
* 2001 Turkish economic crisis
* 9/11 stock market crash (2001)
* Stock market downturn of 2002
* South American economic crisis of 2002
* 2002 Uruguay banking crisis
* 2003 Myanmar banking crisis
* 2000s energy crisis (2003–2008)
* 2004 Argentine energy crisis
* Nigerian energy supply crisis (2005–)
* 2007 Chinese stock bubble crash
* Zimbabwean hyperinflation (2007–)

2007–08|

* U.S. housing market correction (2006–07)
* 2008 Bulgarian energy crisis
* 2008 Central Asia energy crisis
* 2008 Latvian financial crisis
* 2008–09 Belgian financial crisis
* 2008–09 Russian financial crisis
* 2008–09 Ukrainian financial crisis
* 2008–2011 Icelandic financial crisis
* 2008–2011 Irish banking crisis
* 2008–2014 Spanish financial crisis
* European debt crisis
* Greek government-debt crisis
* Subprime mortgage crisis
* U.S. bear market of 2007–2009

Post–2008|

* 2009 Ecuador electricity crisis
* 2009 Dubai debt standstill
* Venezuelan banking crisis of 2009–10
* 2010 Flash Crash
* 2010–2014 Portuguese financial crisis
* Energy crisis in Venezuela (2010–)
* 2011 Tōhoku earthquake and tsunami stock market crash
* August 2011 stock markets fall
* 2011 Bangladesh share market scam
* 2012–13 Cypriot financial crisis
* 2013 Chinese banking liquidity crisis
* Venezuela economic crisis (2013–)
* Gaza electricity crisis (2013–)
* 2014–2016 Brazilian economic crisis
* Puerto Rican government-debt crisis (2014–)
* 2014–2017 Russian financial crisis
* 2015–16 Chinese stock market turbulence
* 2015–16 stock market selloff
* Zulia energy collapse (2015–)
* Brexit stock market crash (2016)
* 2016 Southeastern U.S. gas shortage
* Venezuelan hyperinflation (2016–)
* 2017 Sri Lankan fuel crisis
* Ghana banking crisis (2017–18)
* 2018 cryptocurrency crash
* 2018 Turkish currency and debt crisis

* List of banking crises
* List of economic crises
* List of sovereign debt crises
* List of stock market crashes and bear markets

Template:United States – Commonwealth of Nations recessions Template:George Soros

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Original source: https://en.wikipedia.org/wiki/Black Wednesday. Read more

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