Pound faces toughest test after EC bows to markets; German interest rate to fall as lira is devalued in ERM rescue
Article Abstract:
European Community governments devalued the Italian lira by 7% on Sep 14 1992 and the Bundesbank agreed to reduce interest rates in Germany to limit problems with the exchange rate mechanism (ERM). This is the first time anERM currency has been reduced since 1987. This creates more pressure on the pound sterling but an increase in interest rates would deepen the recession. The Bank of England hopes the pound sterling will appear more attractive in relation to the German mark.
Publication Name: The Independent
Subject: Retail industry
ISSN: 0951-9467
Year: 1992
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Unemployment forecast to peak at 3.5 million
Article Abstract:
The Employment Policy Institute forecast that the unemployment situation will worsen in 1994 before there is any improvement, which may not be until 2000. The number of unemployed may reach 3.5 million, compared to the record 3,124,000 in 1986. A rise in production does not immediately lead to a reduction in unemployment. The creation of two million new jobs would re-create the pre-recession unemployment situation.
Publication Name: The Independent
Subject: Retail industry
ISSN: 0951-9467
Year: 1993
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