51�Թ�

He was reportedly one of the investors who made money betting heavily against the pound prior to "Black Wednesday" - the UK's withdrawal from the European Exchange Rate Mechanism in September 1992.

When a public row erupted over his continued support for the exchange rate mechanism Lawson finally resigned in October 1989 and was replaced by John Major.

There is perhaps no greater demonstration of the awesome power wielded by the Sun than when a collapse in pound sterling forced Britain into a humiliating withdrawal from the European Exchange Rate Mechanism in 1992, as detailed in Peter Chippindale and Chris Horrie's riveting history of the newspaper, Stick It Up Your Punter!

“China’s failure to publish foreign exchange intervention and broader lack of transparency around key features of its exchange rate mechanism make it an outlier among major economies and warrants Treasury’s close monitoring,” the report said.

British 10-year gilt yields are above 4% for the first time in 12 years and the gilt yield premium over German bunds is now homing in on two full percentage points for the first time in 31 years - levels not seen since just before the pound was ejected from Europe's pre-euro currency grid system, the exchange rate mechanism, in 1992.