He did say that he wouldn't raise taxes as well in the 1992 election but then oversaw the biggest peacetime tax increases in 1993 which included VAT on gas and electricity
I heard a story from a woman who worked in DS at the time saying that major and lamont had a heated argument about whether to raise taxes since major wanted to keep at least some of his election promises, but lamont managed to convince major to allow him to raise taxes. this was always the problem with major, there was never any decisiveness or authoritativeness in that man at all.
The writing was on the wall for the Tory Government from this day onwards. All the other shannigans since Black Wednesday leading up to 1997 only added to their woes.
It was not the stock markets, but rather the currency markets. Britain had pledged to keep its Exchange rate with the Deutschmark within a certain band as a precursor to joining the Euro. When the Pound threatened to drop out of this, the government first raised interest rates to 15% to try and keep it in, then bought sterling at unrealistic prices, thereby spending the entire national reserve before dropping out of ERM anyway.
An awful lot of people saw their businesses,livelihoods and homes go up in smoke during that madness persisting with trying to keep the pound in the ERM. Sanity prevailed when they abandoned the folly and let it float.
also just to remind u, when we came in 1979 the country was an absolute shambles the IMF were basically running the economy as Labour had messed things up so much. wen we left office the economy was perfect low unemployment, low inflation and low interest rates. a golden economic legacy for any government.
will u please all note ladies and gentleman that RJWooller a LABOUR supporter a LABOUR supporter agrees with an illegal attack on Iraq but disagrees with Britain using force to attack and re-take it's territory like was done in the Falklands.
@getmadgetmad1 Actually Major was Chancellor by then; not Nigel Lawson. Funny how the iron lady managed to climb down on the ERM but not on the poll tax. Shows just how much she was losing it.
Don't know anything about the in's and out's, but it was hell on earth for me. I lost my job because the 15% sent my boss under, thanks to them and then had the likes of Peter Lilley snearing down my throat on the tellie calling people like me spongers. Don't get me started, they were all bastards at the end and I'm horrified to see a baby Cameron was there at the time.
4 million unemployed at the worst point in late 1992 and still some a-holes persisted in trying to demonise the victims. However,they were steadily alienating more and more of their erstwhile supporters among the electorate.
0.07-the man to Lamont's right is David Cameron. Seriously. He was Special Advisor to the Chancellor when this happened. And now he wants to run the country.
Cameron, who promised he would stay as PM if Brexit was voted for on the referendum, but resigned immediately the morning after, seems like a much weaker PM to me. Major stayed on and his next 5 years after Black Wednesday were full of scandals, but the economy wasn't doing so bad really.
Then as the reporter starts to talk I say '75 85 bid small' then I think I say 'lose the bid' or 'bid out', not too sure I can't quite hear it, 'cos of the reporters voice. It was deffo a very very busy day that day. Nothing ever been like it in FX. Ho hum happy days, erm I work at Mcdonalds now, lol.
hello eddie i worked at Marshalls at the time, you used to speak to Matt Porter, but on this particular day he was off for the morning, would you belive, to get his hair cut, i kid you not. i was matts 'partner' at the time and i was taking your line for the morning, my name was Max, my nickname that was. Please try and keep it under your hat that i now work for Mcds (what a jub)
i wonder what day of the week september 28, 2008 was, that was when Lehman Brothers went bust, triggering the worst financial crisis since the great depression
That was a Sunday,as it happens. Wasn't the Stock Exchange shut then? I went to a bring-a-bottle party at the house of a woman I knew that Saturday night,and ended up sleeping it off in her spare bedroom.
Agreed. I lived through the shit they caused. The only people who would vote tory are those too young to know about it or those that were loaded and made a mint out of the 15% interest on their savings accounts.
i seem to remember you eddie, but not taking the line all the time bit difficult to remember, matt would deffo remember you. dont have any contact with matt now or since he left the market. is that Meady in the background (3rd from the front) i think it is but not too sure cos i can't see the Hook, if you know what i mean, sure you do. btw who was the dealer who died drunken driving i can't remember his name but sure you know.
Lets not get carried away they didn't spend the entire reserve its estimated Black Wednesday cost £7 billion. The truth is the fall-out from Black Wednesday turned out to be the greatest economic boost of the post war period. The economy which had been in deep recession bounced into growth and continued to do so for until this summer,inflation and interest rates fell to unimagined levels and unemployment which had dogged the country for 20 years plummeted. Unprecedented in British history.
Two-and-a-half years after Black Wednesday most people were stuck in a wretched drudge of long hours for depressed wages,with a lack of job security,while the government insisted on a race for the bottom in terms of workers' rights and conditions,from which ceertain rich and greedy friends of theirs profited. Inflation and public debts was brought down to their lowest level in decades,but unemployment while decreasing gradually remained stubbornly high. Though the number was growing slowly,far too few people were sharing in the prosperity brought to some by the recovery to save the Tories at the polls in the 1997 election,when they were dumped resoundingly by Blair's first landslide victory. Unemployment fell rapidly under New Labour until,in about 2006,it reached its lowest level since 1975. However,a debt bubble had formed by about then at all levels - government,corporate,consumer - that would attain unsustainble problems and lead to deep trouble once it burst.
At precisely 112 on the video it goes tothe dealers at NatWest you can here me shouting '85offered' just before the reporter starts totalk I used towork at Marshalls in london on the STG/DMK desk and NW was a customer of mine I am not in the nw dealing room I am inmyoffice across London, calling out the price of stg/dmk my voice was coming out of a loud speaker on the stg/dmk dealers deskThis is the 1st time I have ever seen this and I never knew Iwas on the BBCalbeit orally atthe time untilnow
@Sixxstring90 Get your facts straight. The Major governments paved the way for making the Bank of England independent. It was a Major-Lamont policy goal but they didn't survive to implement it. And Major inherited massive public spending deficits from Thatcher, and had to deal with a recession. Many of her economic policies were a) failures and b) came at the expense of compassionate government. Not a great record.
he didn't say it, it was Labour spin that turned it in to that! He said we should learn to understand the problems young people have & not just castigate them. A little different than Labour's LIES.
This European treaty that the LABOUR party promised a referedum on at the last election but which they have now moved away because well they'd lose, abit like the general election that never was. Has in it "that all signituries must adopt the Euro as currency". very patriotic
Sleaze? i don't remember the police interviewing Baroness Thatcher or Sir John Major when they were in office can't say the same about Mr Blair. Compared to the current treaty the maastricht treaty was nothing. the Tory government didn't start the miners strike they just finished it, a strike which kinnock didn't support! in a worldwide reccession unemployment happens. the community charge was fairer than the current council tax, it was also cheaper
is that meady @ approx 1.24sec at the far end of the desk (3rd) can't be too sure myself as i can't see the Hook, or scratches to his face where his old lady used to beat him about a bit when he got home drunk.......ho hum happy days were had by all......
@Sixxstring90 Big whoop. I grew up during the Thatcher and Major years, my parents were earning less than £100 a week, which even for the 80s and 90s was a terrible income. The electric was always getting cut off and they'd go without food to feed me. Then Labour came in and sorted out a national minimum wage and tax credits for the not so well off.
Brown ran a prudent ship for his first few years at number 11,becoming known as the Iron Chancellor,and the finances were in as good a place as they'd been for several decades. Unfortunately,he seemed to lose his grip on it later and by 2006 excessive borrowing during a boom left little to fall back on when,inevitably though many seemed to think it wouldn't,the clock struck midnight,the party stopped and the bust came along.
@getmadgetmad1 As a share of GDP spending on health and defence was down. On benefits and social security it was up; as was the tax burden for that matter.
She was PM when we went into the ERM. I'm sorry to inform you that collective ministerial responsibility is something that includes the prime minister.
Major was her Chancellor of the Exchequer in the last bit of the 80s. He warned of the bear market troubles to come in his autumn budget statement in 1989,though it wasn't for almost a year and a half that after that that Britain tipped into recession. House prices peaked midway through 1990 and then started to fall,but the Stamp Duty holiday that was cynically introduced,encouraging people to take on far too much risk to pile in on the act before the holiday ended,must have had a lot to do with that.
Have u forgotten the war we're currently in Iraq what reason can u give for that? the national debt is going through roof and the economy is going down slowly but it's going. Crime is rising unemployment has gone up this month and on taxation they have gone up and up, what has the money been spent on?
I see the British education system did well by you, lets face it with debating skills like yours you should be the replacement for John Prescott although he is slightly more articulate than you. i see you make no comment on the £110bn wasted on Northern Rock, £3,700 per household
i used to speak to Lehmans when i worked on STG/DMK @ marshalls very good customer of mine, look at my comments above and also at 'devinemadne55' comments. Is your real surname Pound stone excellent double pun if it is
The Conservative Party have backed the minimum wage since 1999 and have no intension of repealing it after they win the next election. Initially we opposed it because didn't think it would work it has and we support it.
🐺🐺🐺🐺🐺🐺🐺🐺🐺🌍🌍🌍🌍🌍🌍🌍🌍🌍. 💧. Yes hello good evening, I’d just like to say that I’ve just taken a phone call from the Prime Minister, in which he outlined to me , his sincere belief, that on this day the blackest Of Wednesdays, well that he admits he doesn’t know what the Fuck is going on. Goodnight I’m outta here ⭐️⭐️⭐️⭐️⭐️
Yes, vote Labour and instead get 10 years of spiralling financial scandals, and a looming recession bigger than anything we had in the 1980s all thanks to the spend plans of the last Chancellor!
this really was John Major's "Read My Lips: I will not raise your taxes" moment
He did say that he wouldn't raise taxes as well in the 1992 election but then oversaw the biggest peacetime tax increases in 1993 which included VAT on gas and electricity
I heard a story from a woman who worked in DS at the time saying that major and lamont had a heated argument about whether to raise taxes since major wanted to keep at least some of his election promises, but lamont managed to convince major to allow him to raise taxes. this was always the problem with major, there was never any decisiveness or authoritativeness in that man at all.
The writing was on the wall for the Tory Government from this day onwards. All the other shannigans since Black Wednesday leading up to 1997 only added to their woes.
Looks like Thatcher was right. What a shock.
It was not the stock markets, but rather the currency markets. Britain had pledged to keep its Exchange rate with the Deutschmark within a certain band as a precursor to joining the Euro. When the Pound threatened to drop out of this, the government first raised interest rates to 15% to try and keep it in, then bought sterling at unrealistic prices, thereby spending the entire national reserve before dropping out of ERM anyway.
An awful lot of people saw their businesses,livelihoods and homes go up in smoke during that madness persisting with trying to keep the pound in the ERM. Sanity prevailed when they abandoned the folly and let it float.
Does somebody remember the name of the journalist from BBC at the end of the video, please? Thank you
He's doing the same to OUR economy now.
It's hilarious how labour were even greater supporters of the ERM.
also just to remind u, when we came in 1979 the country was an absolute shambles the IMF were basically running the economy as Labour had messed things up so much. wen we left office the economy was perfect low unemployment, low inflation and low interest rates. a golden economic legacy for any government.
0:07 A future Prime Minister in the Background.
Who?
Cameron?
@@aaanawaleh That's him
will u please all note ladies and gentleman that RJWooller a LABOUR supporter a LABOUR supporter agrees with an illegal attack on Iraq but disagrees with Britain using force to attack and re-take it's territory like was done in the Falklands.
@getmadgetmad1 Actually Major was Chancellor by then; not Nigel Lawson. Funny how the iron lady managed to climb down on the ERM but not on the poll tax. Shows just how much she was losing it.
Don't know anything about the in's and out's, but it was hell on earth for me. I lost my job because the 15% sent my boss under, thanks to them and then had the likes of Peter Lilley snearing down my throat on the tellie calling people like me spongers.
Don't get me started, they were all bastards at the end and I'm horrified to see a baby Cameron was there at the time.
4 million unemployed at the worst point in late 1992 and still some a-holes persisted in trying to demonise the victims. However,they were steadily alienating more and more of their erstwhile supporters among the electorate.
Isn't that Dave Cameron at the beginning walking out at the front? :|
she is Baroness Thatcher as she was made a member of the House of Lords in 1992, as a woman she can't be Lord so she has to be a Baroness.
0.07-the man to Lamont's right is David Cameron. Seriously. He was Special Advisor to the Chancellor when this happened. And now he wants to run the country.
Remember it well John Major was a total incompetent and the weakest PM of all time.
Hmmm. Think Anthony Eden and Theresa May may be even worse,but I take your point.
So far*
@@FlabbyTitmuss wanna add anyone to that list? XD
Cameron, who promised he would stay as PM if Brexit was voted for on the referendum, but resigned immediately the morning after, seems like a much weaker PM to me. Major stayed on and his next 5 years after Black Wednesday were full of scandals, but the economy wasn't doing so bad really.
Gordon Brown's slogan spend now worry later
If we would have the guilder again, that currency would go up. Because we would be out the PIIGG boat.
And you think interest rate rises are bad now!
yes they are worse now becasue of decreased purchasing power
"Today has been an extremely difficult and turbulent day!
Then as the reporter starts to talk I say '75 85 bid small' then I think I say 'lose the bid' or 'bid out', not too sure I can't quite hear it, 'cos of the reporters voice. It was deffo a very very busy day that day. Nothing ever been like it in FX. Ho hum happy days, erm I work at Mcdonalds now, lol.
hello eddie i worked at Marshalls at the time, you used to speak to Matt Porter, but on this particular day he was off for the morning, would you belive, to get his hair cut, i kid you not. i was matts 'partner' at the time and i was taking your line for the morning, my name was Max, my nickname that was. Please try and keep it under your hat that i now work for Mcds (what a jub)
If only we'd listened to maggie.
i wonder what day of the week september 28, 2008 was, that was when Lehman Brothers went bust, triggering the worst financial crisis since the great depression
That was a Sunday,as it happens. Wasn't the Stock Exchange shut then? I went to a bring-a-bottle party at the house of a woman I knew that Saturday night,and ended up sleeping it off in her spare bedroom.
Harold Macmillan was one of the worst Prime Ministers, and his betrayal of Eden during the Suez Crisis was disgusting.
Agreed. I lived through the shit they caused. The only people who would vote tory are those too young to know about it or those that were loaded and made a mint out of the 15% interest on their savings accounts.
what about those to vote labour or lib dem? are they any better?
i seem to remember you eddie, but not taking the line all the time bit difficult to remember, matt would deffo remember you. dont have any contact with matt now or since he left the market. is that Meady in the background (3rd from the front) i think it is but not too sure cos i can't see the Hook, if you know what i mean, sure you do. btw who was the dealer who died drunken driving i can't remember his name but sure you know.
Lets not get carried away they didn't spend the entire reserve its estimated Black Wednesday cost £7 billion. The truth is the fall-out from Black Wednesday turned out to be the greatest economic boost of the post war period. The economy which had been in deep recession bounced into growth and continued to do so for until this summer,inflation and interest rates fell to unimagined levels and unemployment which had dogged the country for 20 years plummeted. Unprecedented in British history.
Two-and-a-half years after Black Wednesday most people were stuck in a wretched drudge of long hours for depressed wages,with a lack of job security,while the government insisted on a race for the bottom in terms of workers' rights and conditions,from which ceertain rich and greedy friends of theirs profited. Inflation and public debts was brought down to their lowest level in decades,but unemployment while decreasing gradually remained stubbornly high. Though the number was growing slowly,far too few people were sharing in the prosperity brought to some by the recovery to save the Tories at the polls in the 1997 election,when they were dumped resoundingly by Blair's first landslide victory. Unemployment fell rapidly under New Labour until,in about 2006,it reached its lowest level since 1975. However,a debt bubble had formed by about then at all levels - government,corporate,consumer - that would attain unsustainble problems and lead to deep trouble once it burst.
At precisely 112 on the video it goes tothe dealers at NatWest you can here me shouting '85offered' just before the reporter starts totalk I used towork at Marshalls in london on the STG/DMK desk and NW was a customer of mine I am not in the nw dealing room I am inmyoffice across London, calling out the price of stg/dmk my voice was coming out of a loud speaker on the stg/dmk dealers deskThis is the 1st time I have ever seen this and I never knew Iwas on the BBCalbeit orally atthe time untilnow
Interest rates aren’t there just yet in UK but the economy is in a real mess under Kwarteng and Truss.
They'll win next time, led by Dave Cameron who was at the Treasury on this day
after Northern Rock, black wednesday doesn't look to bad. only £3,3bn. cmapared to £110bn Northern Rock is costing thats real incompatence
my b-day, same year too
@Sixxstring90 Get your facts straight. The Major governments paved the way for making the Bank of England independent. It was a Major-Lamont policy goal but they didn't survive to implement it. And Major inherited massive public spending deficits from Thatcher, and had to deal with a recession. Many of her economic policies were a) failures and b) came at the expense of compassionate government. Not a great record.
Look out for DC on Lamont's right.
he didn't say it, it was Labour spin that turned it in to that! He said we should learn to understand the problems young people have & not just castigate them. A little different than Labour's LIES.
this is your economy Britons
David Cameron was a minor political policy advisor to Norman Lamont, nothing to do with economic policy. Labour will lose the next election
@getmadgetmad1 It was entered while she was PM. She can't hedge her bets like that. Collegiliality has to extend to the PM.
Hmmmm Yes, Michael Howard was quoted in saying, "it was a dangerous" policy"...and now you accept it.....lol
Not my black ass being born on this day.
This European treaty that the LABOUR party promised a referedum on at the last election but which they have now moved away because well they'd lose, abit like the general election that never was. Has in it "that all signituries must adopt the Euro as currency". very patriotic
Sleaze? i don't remember the police interviewing Baroness Thatcher or Sir John Major when they were in office can't say the same about Mr Blair. Compared to the current treaty the maastricht treaty was nothing. the Tory government didn't start the miners strike they just finished it, a strike which kinnock didn't support! in a worldwide reccession unemployment happens. the community charge was fairer than the current council tax, it was also cheaper
Hmm, nothing black in the air today eh...
the first person out of the buildng, one young mr david cameron, lamonts advisor. prime minister, come on people, wise up please!!
Sunday.
yes it was worldwide
i don't need a revolution britain is fair. I also said didn't say I was against the war in Iraq. I attacked the LABOUR party for lying about it.
@longlivejacko Actually only a labour government has left a budget surplus to its successor since ww2.
is that meady @ approx 1.24sec at the far end of the desk (3rd) can't be too sure myself as i can't see the Hook, or scratches to his face where his old lady used to beat him about a bit when he got home drunk.......ho hum happy days were had by all......
This is the kind of economic management Cameron wants for this country.
Vote Labour.
@Sixxstring90 Big whoop. I grew up during the Thatcher and Major years, my parents were earning less than £100 a week, which even for the 80s and 90s was a terrible income. The electric was always getting cut off and they'd go without food to feed me. Then Labour came in and sorted out a national minimum wage and tax credits for the not so well off.
Seriously GeeGee3374 you fail badly.
Next target is Hong Kong dollar.
Britain has a fair society it also was fair under the Tories. people have a chance in life if they don't take it that is their problem.
i attacked the Labour party over Iraq & u didn't rebut anything I said. U just attacked Mrs Thatcher for re-taking the Falklands
John Major the countries most useless prime minister, vying for that title with Gordon Brown and Theresa May.
@getmadgetmad1 Zero deficit in 2001? Brown ran a surplus for most of that year!
Brown ran a prudent ship for his first few years at number 11,becoming known as the Iron Chancellor,and the finances were in as good a place as they'd been for several decades. Unfortunately,he seemed to lose his grip on it later and by 2006 excessive borrowing during a boom left little to fall back on when,inevitably though many seemed to think it wouldn't,the clock struck midnight,the party stopped and the bust came along.
George Soros is a cool guy
@getmadgetmad1 As a share of GDP spending on health and defence was down. On benefits and social security it was up; as was the tax burden for that matter.
She was PM when we went into the ERM. I'm sorry to inform you that collective ministerial responsibility is something that includes the prime minister.
Major was her Chancellor of the Exchequer in the last bit of the 80s. He warned of the bear market troubles to come in his autumn budget statement in 1989,though it wasn't for almost a year and a half that after that that Britain tipped into recession. House prices peaked midway through 1990 and then started to fall,but the Stamp Duty holiday that was cynically introduced,encouraging people to take on far too much risk to pile in on the act before the holiday ended,must have had a lot to do with that.
Have u forgotten the war we're currently in Iraq what reason can u give for that? the national debt is going through roof and the economy is going down slowly but it's going. Crime is rising unemployment has gone up this month and on taxation they have gone up and up, what has the money been spent on?
@getmadgetmad1 Don't trust the Tories..
I see the British education system did well by you, lets face it with debating skills like yours you should be the replacement for John Prescott although he is slightly more articulate than you. i see you make no comment on the £110bn wasted on Northern Rock, £3,700 per household
i used to speak to Lehmans when i worked on STG/DMK @ marshalls very good customer of mine, look at my comments above and also at 'devinemadne55' comments. Is your real surname Pound stone excellent double pun if it is
ha ha!
BLACK WEDNESDAY - POSSIBLY TISHA B'AV DESTRUTION DAY! THIS YEAR!
!!! OWN'D BY SOROS !!!
The Conservative Party have backed the minimum wage since 1999 and have no intension of repealing it after they win the next election.
Initially we opposed it because didn't think it would work it has and we support it.
🐺🐺🐺🐺🐺🐺🐺🐺🐺🌍🌍🌍🌍🌍🌍🌍🌍🌍. 💧. Yes hello good evening, I’d just like to say that I’ve just taken a phone call from the Prime Minister, in which he outlined to me , his sincere belief, that on this day the blackest Of Wednesdays, well that he admits he doesn’t know what the Fuck is going on. Goodnight I’m outta here ⭐️⭐️⭐️⭐️⭐️
that boris johnson all over again now. labour will be back in power
whats black wenesday
Yes, vote Labour and instead get 10 years of spiralling financial scandals, and a looming recession bigger than anything we had in the 1980s all thanks to the spend plans of the last Chancellor!
OMG!!! thas soooooo cool!! that must get you lots of girls