1992 – “je ne regrette rien”

If 1992 brought a burst of enthusiasm for learning a language, it also brought the dismal spectacle of the ERM debacle. For new readers the ERM (European Exchange Rate Mechanism) was a sort of embryonic form of the euro which tied the pound sterling to a basket of European currencies and in particular, the Deutsche Mark. On September 16 1992, henceforth known as Black Wednesday, the UK was forced to withdraw from the ERM, partially because currency speculators, notably George Soros, were betting against the pound. (Soros claimed to have made £1bn from the bet.) The rate at which the pound was tied to the German currency was always wildly optimistic at 2.95DM to the £. UK inflation was at 15%, house repossessions were going through the roof, and Chancellor Nigel Lawson’s boom was about to go bust. (Lawson had resigned as chancellor following a bust-up with PM Margaret Thatcher).

Lawson’s successor, Norman Lamont, assured the country that the UK would not quit the ERM. A week later he was forced to eat his words. Whilst his economic record proved controversial, (for some he was a great chancellor), his singing skills earned him much satirical praise. Asked whether he regretted any of his actions as chancellor, he assured his press audience by quoting the famous song of petite French warbler, Edith Piaf “Non, je ne regrette rien.”

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