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Ross, 'black Wednesday' or rather 'white Wednesday' as I prefer, was not so much a failure of regulation but more a result of the failed first attempt at European Monetary Union. Lamont was obliged to take all possible measures under the terms of EMU to defend the £ hence the three interest rates hikes that day, rises that were never going to last the day out and he knew that. Our exit that day from EMU was the catalyst for the UK recovery to start. Like Greece now our interest rate and exchange rate was not right for our economy so we were suffering appallingly in that recession while a member of EMU, exactly what Sir Alan Waters and Mrs T warned about in those long battles that led to our joining EMU.
On your general point. The much needed Financial Services Act was not properly enforced in time to prevent a disaster, the appalling pension mis-selling scandal and endowment over-selling of 1988/89 through to the early 90's.
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