On this day in 1992 Britain dropped out of the exchange rate mechanism, otherwise known as the snake. That day interest rates soared to 15% which was beyond the level at which economies would pay the interest on the mortgage. Withdrawal brought interest rates down to 12% which was painful but survivable, but it also had a negative impact on British entry to the Euro years later (I am a supporter of British entry by the way, just to make that clear).
On this day in 1400 Owain Glyndŵr declared himself Prince of Wales in the last major act of rebellion by the Welsh against the English and was successful until the fall of Harlech castle in 1409. The title of this blog comes from Glyndŵr’s speech in Henry IV part 1. Oh and in 1931 the last mutiny in the British Navy ended peacefully.
So we have lived in more interesting times ….
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