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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:After a dry start this morning rain will spread from the northwest across all parts. This afternoon will be dull with some patchy rain and drizzle. Becoming much milder through the afternoon. Maximum temperature 11 °C.Tonight:A cloudy evening and night with a little light rain or drizzle, perhaps some clear periods developing along the east coast. A very mild night everywhere. Minimum temperature 10 °C.
