Economic - Key Facts Flashcards
1
Q
Rise in unemployment from mid-1991 to 1992
A
1.6 million to 2.6 million
2
Q
What many homeowners were trapped in
A
Negative Equity - they were having to repay mortages that were higher than the current value of their homes
3
Q
Event where Britain was forced to leave the ERM
A
Black Wednesday
4
Q
Fixed exchange rate of the ERM
A
2.95 German marks to the £
5
Q
Chancellor of the Exchequer
A
Norman Lamont
6
Q
Rise in interest rates during Black Wednesday
A
Increased to 12% and then again to 15%
7
Q
Impact of Black Wednesday
A
‘Beginning of the End’
8
Q
What was missing despite the increased economic prosperity
A
Feel Good Factor
