Will changes to lobby rules really mean greater clarity?
When I sent the pound plummeting towards 1:1 parity with the US
dollar in January 1985, after briefing the Sunday lobby, everyone soon
knew the culprit. The press forgot about the unattributable nature of
lobby briefings and blabbed. I had said extremely accurately, if very
unwisely, that ’this Government will not throw good money after bad
defending the pound’. It didn’t. You can’t buck the market. So interest
rates were raised decisively - as they should have been earlier.