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What was the cause and effects of Black Wednesday with the reference i Argument form?
Ruben ANTON
Apr 4
What was the cause and effects of Black Wednesday with the reference i Argument form?
Black wednesday
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Apr 4
Cause: The cause of Black Wednesday was the decision by the British government to withdraw the pound sterling from the European Exchange Rate Mechanism (ERM) on September 16, 1992.
Effect 1: The immediate effect of Black Wednesday was a sharp devaluation of the pound sterling, which fell by 15% against the German mark and 25% against the US dollar in a single day.
Effect 2: The devaluation of the pound led to a financial crisis in the UK, with many businesses facing bankruptcy and unemployment rising sharply.
Effect 3: The reputation of the British government and the Chancellor of the Exchequer, Norman Lamont, was severely damaged as a result of Black Wednesday, leading to calls for his resignation.
In conclusion, the cause of Black Wednesday was the decision to withdraw the pound from the ERM, which had devastating effects on the UK economy and the government's credibility.
Effect 1: The immediate effect of Black Wednesday was a sharp devaluation of the pound sterling, which fell by 15% against the German mark and 25% against the US dollar in a single day.
Effect 2: The devaluation of the pound led to a financial crisis in the UK, with many businesses facing bankruptcy and unemployment rising sharply.
Effect 3: The reputation of the British government and the Chancellor of the Exchequer, Norman Lamont, was severely damaged as a result of Black Wednesday, leading to calls for his resignation.
In conclusion, the cause of Black Wednesday was the decision to withdraw the pound from the ERM, which had devastating effects on the UK economy and the government's credibility.
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