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09/02/2005
Treasury email reveals ERM information to BBC
The BBC reported today that it has received documents relating to the 1992 Exchange Rate Mechanism debacle that resulted in a failed attempt by the then Prime Minister John Major and Chancellor of the Exchequer Norman Lamont to keep Britain within ERM limits.
BBC News apparently received a recent email that had disclosed an internal Treasury wrangle over just what information to release. The initial request for information to be disclosed had originated from the Financial Times, but the BBC reported today that the Treasury department had inadvertently 'leaked' information it did not wish made public.
Black Wednesday, 16 September 1992, saw Britain's machinations to remain within the ERM fail and the pound sterling was ejected from the fledgling European monetary system that was the precursor of the Euro. Despite raising interest rates by 5% in one day, the abrupt exit from the ERM wiped billions of pounds off the value of sterling.
The BBC claimed today that the e-mailed Treasury memorandum had revealed a row over what information should be made public and the possible danger of exposing a "covert" source in the French Government.
Yesterday, an official Treasury response to the Financial Times included a guide to the rules of disclosure of information and what it was prepared to place in the public domain.
The Treasury is understood to wish to retain control of potentially sensitive information such as confidential briefings and the Chancellor's forecasts and details of Government economic policy.
The issue has fuelled a public debate on the usefulness of the Freedom of Information Act and the selective disclosure of information.
(SP)
BBC News apparently received a recent email that had disclosed an internal Treasury wrangle over just what information to release. The initial request for information to be disclosed had originated from the Financial Times, but the BBC reported today that the Treasury department had inadvertently 'leaked' information it did not wish made public.
Black Wednesday, 16 September 1992, saw Britain's machinations to remain within the ERM fail and the pound sterling was ejected from the fledgling European monetary system that was the precursor of the Euro. Despite raising interest rates by 5% in one day, the abrupt exit from the ERM wiped billions of pounds off the value of sterling.
The BBC claimed today that the e-mailed Treasury memorandum had revealed a row over what information should be made public and the possible danger of exposing a "covert" source in the French Government.
Yesterday, an official Treasury response to the Financial Times included a guide to the rules of disclosure of information and what it was prepared to place in the public domain.
The Treasury is understood to wish to retain control of potentially sensitive information such as confidential briefings and the Chancellor's forecasts and details of Government economic policy.
The issue has fuelled a public debate on the usefulness of the Freedom of Information Act and the selective disclosure of information.
(SP)
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Northern Ireland WeatherToday:Very windy with persistent and occasionally heavy rain at first, becoming drier with the wind easing towards midday. Mainly dry with bright spells increasing during the afternoon. Milder than of late. Maximum temperature 14 °C.Tonight:Cloudy with clear spells, mainly dry evening becoming windy with rain at times from late evening. Turning drier with clear spells towards morning. Milder than of late. Minimum temperature 2 °C.
