Sterling's fall on Black Wednesday was exceeded by last week's fall not that the BBC will tell you that

Sterling suffered an appalling week on the foreign exchange markets last week, far worse than that which resulted from our ejection form the ERM on Black Wednesday in 1992. Sterling dropped over 10% last week compared with around 7.5% in 1992. In addition Sterling also fell by almost 4% in the week ending 4 October 2008 which makes the comparison even starker.

Of course the BBC will not make this comparison as they held Norman Lamont's fall from the ERM and Sterling's collapse to be the end of the Conservatives being able to boast about economic competence and they will not make that charge against Gordon Brown.


UPDATE: Between starting to write this post and publishing it Sterling has fallen another cent against the dollar... The UK economy is best placed to withstand the world economic recession?