The pound has fallen more under Brown than it did after Black Wednesday

"The day before Black Wednesday (16 September 1992) the pound got you DM 2.78. After black Wednesday it was about 12% down, before falling to 14% down on 5 October - the low point of Black Wednesday which we have now surpassed.

Brown could argue that the real low point was long after black wednesday in March 1993. But looking at what happened after Black Wednesday makes the comparison worse. At the equivalent point nine months after black Wednesday the pound was back up to 2.49, or just over 10% down. It was the same after a year. 

On the other hand, If the current trend continues the pound will be down about 18-20% by Brown’s first anniversary. Brown's Black Wednesday may be happening more slowly compared to Lamont's - but it could be bigger."

See Open Europe's blog for more.