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Major’s govt in shambles as pound plunges further
LONDON. Sept 17: The Brt Ush pound plunged further Thursday after the government lost a daylong battle to prop up ’ the currency with two Interest rale hikes, then gave up and set it loose in the marketplace, reports AP.
But sterling showed a partial rebound against the US dollar after the Bank of England returned its base interest rate to 10 per cent, where It stood a day earlier as Britain intensified its futile fight to strengthen the value of sterling. '
In early afternoon trading.
the 'pound was quoted at dlrs 1.7755. up from dlrs 1.7385 In the morning but well below the level of dlrs 1.8083 from late Wednesday. The pound was at 2.6400 German marks early in the afternoon, after falling through Ite exchange mechanism floor of 2.7780 marks on Wednesday.
Meanwhile, Prime Minister John Major, his government tn shambles after (ailing to face down a currency crisis, Thur* day rallied his 21-member Cabinet behind the embattled treasury chief.
After a three-hour emcr-
gency meeting at Major's 10 Downing Street office, a senior official said that Chancellor of the Exchequer Norman Lamont 'will not resign,' despite a chorus of calls for him to quit
The official, speaking on condition of anonymity, also said that the Cabinet agreed that the pound will rejoin Europe's exchange rate mechanism 'as soon as conditions allow.'
He refused to elaborate
Despite the expression of loyalty, speculation continued that Lamont would go soon.
The position of Major, who
has identified totally with Lamont. was also regarded was also gravely undermined In the view of most commentator*.
By abruptly pulling out of the European exchange rate mechanism, Major abandoned the keystone of his economic policy and accepted devaluation— an option die rejected less than a week ago as a betrayal of our future.'
He also yielded to demands from opposition Labour Party leader John Smith that Parliament be called back into session next week.
Former Cabinet Minister
Nicholas Ridley, now Lord Ridley. suggested that Major's days as prime minister were numbered.
'1 believe it will set forward a political transformation in due course. You cannot spend two years putting everything you have on the Importance of the ERM and then have It shattered as it's been today.' said Ridley, a leading opponent of Britain's ERM membership.
Major led Britain Into the exchange rate mechanism, when he wa» former Prime Minister Margaret Thatcher* treasury chief.
'1 said at the time that membership was no soft op tton,' he declared in a speech to businessmen last Thursday. 'The soft option, the devaluers' option, would be a betrayal of our future. And It is not the government's policy.'
The Daily Telegraph, a strong supporter of the governing Conservative*, said In an editorial that Major had been gravely If not fatally wounded. 'He ha* cho*en to bind him-•elf In chains to this policy, and now he must pay the political price,' said new* paper
Conservative lawmaker Andrew Hunter called for the dismissal of Lamont, the chancellor of the exchequer.
"He has presided over a failed policy. He lacks all credibility," Hunter said.
In Washington, the worst currency crisis in two decades emphasizes the urgent need for major countries to address the problem of getting bloated budget deficits under control, the head of the International Monetary Fund said today.
IMF Director Michel Camdessus praised world finance officials for taking the proper emergency actions to contain the turmoil In European currency markets.
He said that markets appeared to be stabilizing today and that there was no indication that the British pound was in any kind of "free foil."
‘inspite of the formidable turmoil and turbulence of the last few days, the system has demonstrated its remarkable resilience," Camdessus told reporters at IMF headquarters. "The authorities have reacted with flexibility and have demonstrated their commitment to the system."
(Related Story on Page 6)