Four Moments of Truth - Two Clear Wins, One Leap Back, One Road Not Taken

Summary

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The road not taken was a guilty secret when I first came to the City. The Treasury and the Bank of England, committed in public to defending the pound at all costs, had once proposed to turn it loose and let it fend for itself. This was Operation Robot: sold to 'Rab' Butler, the Chancellor, favoured by Churchill, opposed by his cronies and stymied by Eden, who said it would upset his friends in Europe. (The Foreign Office's song never changes.)

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Four Moments of Truth - Two Clear Wins, One Leap Back, One Road Not Taken

Relax. You are under no obligation to read the small print. There is a clause in Europe's constitution about bringing our economic policies - money and tax - into line with our neighbours', but it must have got past the Prime Minister, because he has flown to Rome and signed us up for it. In any case, we ...

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