As sterling sinks to a 7-1/2 year low against the dollar, traders and investors are wondering who was the established political figure that made the following comments when Britain was kicked out of the Exchange Rate Mechanism in 1992.
“A weak currency arises from a weak economy which in turn is the result of a weak government.”
Answer: Gordon Brown, then Shadow Chancellor, in an article in London’s Evening Standard newspaper.
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8 comments so far
says it all really
tony was just smart enough to get out
neither of them made hay while the sun shined
- Posted by igCan Reuters, please post an article on HP CEO compensation ($42.5m), so that people can comment. Its nice to see him take such large bonuses and share compensation, when they cut out stock incentives and raises to employees, due to ‘tough times’. Its nice to see fearless leaders taking raises during a rough economy. Just proves the rich get richer: http://www.reuters.com/article/companyNe ws/idUSBNG42069420090121?rpc=11
- Posted by Michael BradshawyWhat??….Gordon??….weak????? Noooooo (sarc)
- Posted by alexIt is ironic as well that the guy who was holding the reigns of our economy at that time is now holding the reigns to the country. I myself do not take to seriously anything that comes out of Browns lip’s now, due to his typical poltical sales spill trying to deflect any blame from himself and trying to blame it all on “greedy bankers”, please.
- Posted by OliverI don’t think many of us were taken in. We knew that none of them has a clue. I think it should be illegal for people with political ambition to be politicians. People should be selected at random like jurors, serve for a few years and then never be eligible again as long as they live. Talking of currencies, I wonder how many countries are now kicking themselves for joining the euro? Suckers.
- Posted by MatthewMy decision to resign from New Labour as soon as I knew Brown was taking over is vindicated. I just wish opposition parties would expose his failings and shortcomings more effectively than they currently do.
- Posted by jeff o uA diagnosis that still holds true, and the current crisis feels a lot bleaker than 1992.
- Posted by MWHistory may have caught with Gordon Brown, but it has to be stress that his statement released on Evening Standard does not entirely reflect the current economic situation. The international economic mechanisms have broken down and the United Kingdom can not fix them on its own even if great savings where made in booming time. To show his flexibility, he has even tried to borrow Tories policies, which he intends ti implement soon though noone knows whether this will work or not. Gordon Brown has the credential around the world as one of the best economy managers and the situation he finds himself in is rather exceptional, but as in any good democracy, he has to be held responsible
- Posted by Philippe Mandangi