Black Wednesday

The 1992 sterling crisis, also known as Black Wednesday, occurred on September 16, 1992, when the UK government was forced to withdraw the pound from the European Exchange Rate Mechanism due to a failed attempt to maintain its exchange rate above the allowed limit. The crisis damaged the credibility of the Conservative Party and led to a landslide defeat at the 1997 general election. The UK's economy rebounded in the years following Black Wednesday, attributed to the depreciation of the pound and a shift to an inflation targeting monetary policy.learn more on wikipedia