that Lamont has pulled a rabbit out of the hat. He rules out a devaluation of the British pound, hoping to calm
floor of 2.778 marks, its lowest value since Britain joined the ERM. Publicly, he tries to play down the impact of the story. But the damage
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less than the governments credibility. Lamont asks for the prime ministers Major, then chancellor of the exchequer, had taken Great Britain into As of September 1994, the ERM was still in operation, with Germany,
Wednesday, 1:30 PM and the Bank of England keeps buying it back. Wednesday at 2.71 marks, down only 3 percent. (By the end of September,
