LATEST NEWS: Russia’s economic crisis could easily end in yet another sovereign default

It was a lesson that Norman Lamont learnt the hard way when he was Chancellor of the Exchequer in 1992. You can’t buck the markets when they really turn against you. Back in the day, sterling was part of the Exchange Rate Mechanism, following a disastrous decision by John Major to enter the economically illiterate and ill-fated arrangement in 1990.

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