Rash Wednesday:Don't look Black in anger

As UK commercial property begins to undergo a difficult period, bleak memories of Black Wednesday start racing to the fore. However, the enormous differences between then and now - rising rents, tighter supply and a strong economy - suggest there is really no need to panic

Some of the more bearish commentators are talking about UK commercial property facing a difficult period, and evoking memories of Black Wednesday and the ERM debacle to colour their claims. It is time for some sensible perspective here. Few will forget Black Wednesday - 16th September 1992 - as the beleaguered Norman Lamont fought vainly to preserve the UK's membership of the Exchange Rate Mechanism (ERM) - progressively pushing interest rates higher through the day from 10% to 12% till they reached an eye-watering 15%. The ERM debacle damaged the credibility of the Conservative Party for...