This week at PMQ's Gordon Brown re-iterated a figure that he used in the previous week's PMQs. He has now stated twice that UK interest rates rose to 18% on the day of Black Wednesday.
On the day of Black Wednesday, interest rates started the day at 10%, went up to 12%, then up to 15% before we withdrew from the ERM. After that decision in the evening, they went down again to 12% before diving to around 6% within several months. Gordon Brown is supposed to be a master of figures but these lapses show either that he's not up to basic economic facts, economic history, or honesty. Either way, it shows that he's not the man to guide us through troubled times.
Squiffy.
Friday 7 November 2008
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