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How George Soros Broke the Bank of England!
Patrick Boyle On Finance
The Bank of England's Expansion of the British Pound
The Bank of England had around 19 billion pounds in foreign currency reserves. It was now spending 2 billion pounds an hour to defend the exchange rate. By the end of the day Britain had bought 27 billion pounds and increased its interest rate a second time to 15 percent. Businesses exposed to the British pound would have wanted out once they understood the risk they were exposed to.
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