All times in UTC ·
Dashed edge = started before, or continues beyond, this day
Events on Wednesday 16 September 1992 1
1992Black Wednesday currency crisisUK forced out of European exchange rate mechanismSpeculative pressure, led by investor George Soros, forced the British government to withdraw the pound sterling from the European Exchange Rate Mechanism. The Bank of England spent billions of pounds and raised interest rates sharply in a failed attempt to defend the currency. The episode badly damaged the credibility of John Major's government.