What if Brexit is cancelled? Echoes of Black Wednesday in 1992

Anything seems possible but nothing seems unlikely

Brexit is the gift that keeps on giving when it comes to uncertainty.

It is nearly two and-a-half years since the EU referendum and yet we still do not know what will happen. Almost anything seems possible but nothing seems likely. For those of us who have been in the markets a while, the degree of uncertainty over the future path of government policy calls to mind the days running up to Black Wednesday in September 1992, when the UK attempted to raise base rates twice to defend the pound before crashing out of the Exchange Rate Mechanism. The UK could leave the European Union in March 2019 under something close to Theresa May's withdrawal agreement. The U...