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The Times , 1992, UK, English

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The Times , 1992, UK, English .• 1 , ;• 2 , , (M. I jSk> $ ' UNIVERSITY '*Y RESULTS s Life & Times section TIMES pages 7 and 8 45p No 64,420 TUESDAY AUGUST 25 1992 London shares fall 54 points *1M ' '£&. - f m TODA\ IN thi: UMTS OUTOF IM TUNE as By Nicholas Wood and Colin narrrough Channel Four News last THE pound survived its last night that the gavenv- night that this week would be first test yesterday in a meat remained committed,to taking whatever steps were a trial forthe ERM: "This is a crucial week for the cur- time when we need Europe to necessary io keep the curren- Scores like that rency markets as co- 'iTTir^d cy within its ERM limits. be If membership ordinated central for Citizen Kane are bank "If the markets did not ofthe ERMthouis we have to action failed to stem the appreciate our resolve in de- increase interest rates when rare. European collapse of the dollar. : fending sterling, they do we are m die depths of die cinema remains film Although depression- many sterling briefly now." one senior Downing when music's best hope hit $2 for the first dune since Sum source said: people arc going outof busi- Life & Times the Gulf war, it dropped to its The Treasury was also ness, L like mazy jpeople will 3 lowest against the mark since drawing comfort from ster- say can we afford a?". Page Britain joined the European ling’s performance in the He added: "It is most un- exchange-rate mechanism. It light of the operation fair to blame the chancellor. OUTOF stood at DM2.8001 at the launcbed-overthe weekend to :He will survive it He has the official 4pm London market remind dealers of the govern- support of the majority of the FAVOUR close, a fall of half a pfennig ment’s commitment to the party. People are calling it a since Friday. ERM bands. But the govern- sterling crisis. It is really a In London, the dollar crisis." FTSE-100 ment's relief , at averting an index of leading shares immediate interest rate rise As the trade deficit yawed dropped 54.6 to 2311.1, re- was douded bya big rise in from £747 million in June to flecting a fall on Wall Street, the trade defiat and a 55- E934 miHion last month. Lab- fears about higher British in- point fall in the stock market our resumed its attack on the terest rates and poor trade John Major returned to his government’s economic poli- figures. dedr at Downing Street yes- cies. Robin Cook, the trade Sterling's steadiness terday morning and was giv- and industry spokesman, against the mark on a day en. an update on the state of said the figures were more evidence that the government when the French franc and the pound by. Mazy Francis, the Italian lira all lost ground his economic private secre- was foiling the country- . was seen as a vindication of tary, and Alex Allan, his prin- "Only halfway through the government’s tactics of cipal private secretary and a 1992 Britain has docked up combining central bank in- formerTreasury official. a deficit larger than the whole The monarchy’s twin tervention with a "staunch Norman Lamont, the of last year,” he said. "We are roles have become now adding millions of commitment to the pound’s Otancdknv arrived bade at hopelessly confused parity within the Treasury early. last night pounds to the trade deficit ERM. i the in the public However, with the pound from Ids holiday in Italy and every hour." gov- hovering around DM2.80 in was swiftiy immersed in de- Labour's attack on the imagination, says ernment was undermined, a nervous market, dose to its. tailed briefings with , his se- Janet Daley however, by a fierce rebuke ERM floor, nobody in White- nior officials. Page 10 veteran hall was declaring the battle John Townend. chairman from Peter Shore, a over. With, a tough week of the Tory, backbench trea- Euro-sceptic former minister, for his party's calls for lower ahead, Treasury spumes said . -suiy committee, said oil OUTOF Interestrates whileremaining, TWENTY UNSTABLE YEARS *(** within the ERM. Such “eco- ORDER fflttenuy" was destroy- m m Stating to Dolir . .h&0 nomic ing die credibility of the Opposition, he sahL . said that he’s a little fighter" Downing Street • Mother's joy: Mrs Greenwood with Brett yesterday: “He has proved the prime minister was kept fjdfor informed through the day : sfoouL-the :-stale of .the Baby bom nfiaritcts. About tbe time of speeds up and Mr Lamonfs return, MrMa- Hurricane jor met Douglas Hurd, the 17 weeks foreign secretary, . Douglas Hogg, ajunior Foreign Office takes Miami by surprise minister, and foreign policy advisers in preparation for premature From David Adams in coral gables, miami the conference to be held in soothes Arab tom off windows and there Terry’s mission is to West London tomorrow on the for- WHEN Hurricane Andrew expectation of hurricane were several feet of flood wa- mer Yugoslavia. came ashore in south Miami winds arriving by 8 o’clock in expose government survives morning, Andrew played ters. George Ramirez, a Ken- Last night, he was being before dawn yesterday it the in Now You Know local on its trump card. It veered to dal resident, told a radio given a foil briefing on the seemed to be on a mission: to novel Ray Clancy station how winds picked up the new by economy while Mr Lamont By destroy as much as possible. the right, turning south and. of pace, gave the his car in the driveway, Michael Frayn From Christopher Walker in Nicosia worked at the Treasury. But. judging by the path it in a burst Greenwood, the a rude 5 o'clock flipped it over and planted it life Times and Jamie Dfitmer in Washington Downing Street sources said BRETT took, there was one goal In city Miami & premature baby 10 be Continued on page 14. col 7 they expected Mr Major and most particular — to wreak ven- wake-up calL Page 1 the spe- ' the problems is the bom in Britain, left By the time the hurricane TO AVOID 'delay in Presi- Among Mr Lamont to “touch base” geance on the building that lack£ of a base for the six cial care baby, unit at Leeds centre had got out a warning, Drought blamed, page 8 dent Bush’s ultimatum to today. had been spying on its “ jets and two general infirmary yesterday, Andrew was on top of the Baghdad oyer the "no-fly- British Tornado John Carlisle, the Euro- progress since Andrew after astound- meteorWo- mid-air tankers earmarked Luton three months forecasters and | zonef - in southern I rare the sceptic MP from started to Wow two weeks ago : ^ : his family arid doctors gists. Winds clocked at West yesterday launched a for the operation. North, said that Mr Lamont ing off the African coast. Whitehall officials re- with his will to live. 140mph tore at the building, i diplomatic offensive to coun t- As had been told to stay off radio The US National Hurri- 1 optitms-iinder- shaking its foundations and ! •«. viewed a list of for Gables, er fears m the Arab world that and television broadcasts - When he arrived unexpect- cane Centre in Coral stoodsi to 'include Saudi confi- blowing in windows on the the bahoould lead to Irak’s. •. fear of undermining edly on May 23 he was 17 south Miami, had been Qatar and sixih and seventh floors. Fore- dismemberment into three AArabia." Bahrain. dence in the pound. He sug- weeks" premature and charting every blink of the eye an. RAF spokesman casters were trapped on the ‘ -. KKuwait, that Mr Lamont lib 5oz. His hand in Andrew’s storm, every stales: ; \ gested weighed sixth floor and the ceiling was aat the Ministry of Defence father's little of Officials in WashingtoiScin- , might have to go. was the size of his move, each change part, shredded on the seventh. done oor ; sisted that American, British said:st "We have “I feel Mr Lamonfs pos- fingernail, his body the direction and burst of speed. ‘ we haye oot In a prize act of demolition, and French envoys x? the' ’wwe are ready. Bin nionition now must be in great length of a man’s watch strap Floridans were glued to their nwi where. 'or. to Andrew gobbled up the 25ft United Nations would today bbeen jeopaniy.and unless some- and doctors gave him a one in weather maps and radar pic- go." Defence expats said that satellite dish and radar sys- hand Abdul Amir al-Anbari, g . tjriQgjs done and the prime ten chance of survival. tures as Andrew moved inex- Qyprus were on the building’s roof, Iraqi ambassador,-, dip- .' BBritish bases m steps in, ei- towards land. tem the a minister hiinsdf Christine and orably the-maxshes of His parents had been tracking it. lomadc note, warning that atoo far^anv therto replace the Chancellor Until late on Sunday An- that ' Mark Greenwood, both 22. centre's opera- Saddam 7&soofhenf Iraq to. stow as' reinforce appeared to be disabling the any of Prerident ^or alat ^least „to ranforce him although he drew had that moreB than a staging-post. were told tions. “The dish is somewhere Hussem’s warplanes cau^rt ;. and thethe. policiesnotices and tobrinato bring heading for north Miami Despite reports that Arab was not the smallest baby his out there flying around south flying south of the 32nd par--, confidence bade .. then we TTie alert went out early in underdeveloped organs in- the shot down.
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