But in 1989 an increase in German rates was followed, in less time than it took to put the phone down, by a full 1 per cent rise in London. And our unfettered sovereignty was then in the hands of that enthusiast for 'realignment', Margaret Thatcher. At least, within the exchange rate mechanism, the differential between our interest rates and Germany's has narrowed.
Harvey R Cole
Winchester, HantsReuse content