Editing Black Wednesday (section)

==The cost of Black Wednesday==
In 1997, the [[HM Treasury|UK Treasury]] estimated the cost of Black Wednesday at £3.14&nbsp;billion,<ref>{{cite web |last1=Dury |first1=Hélène |title=Black_Wednesday |url=http://is.muni.cz/el/1456/podzim2011/MPF_AFIN/um/27608616/27608949/Black_Wednesday.pdf |access-date=24 February 2016}}</ref> which was revised to £3.3&nbsp;billion in 2005, following documents released under the [[Freedom of Information Act 2000|Freedom of Information Act]] (earlier estimates placed losses at a much higher range of £13–27&nbsp;billion).<ref>{{Cite news |last=Tempest |first=Matthew |date=9 February 2005 |title=Treasury papers reveal cost of Black Wednesday |work=The Guardian |location=London, UK |url=https://www.theguardian.com/politics/2005/feb/09/freedomofinformation.uk1 |access-date=26 April 2010}}</ref> Trading losses in August and September made up a small part of the total (estimated at £800&nbsp;million); the bulk of the loss to the central bank arose from non-realised profits of a potential [[devaluation]]. Treasury papers suggested that, had the government maintained $24&nbsp;billion foreign currency reserves and the pound had fallen by the same amount, the UK might have made a £2.4&nbsp;billion profit on sterling's devaluation.<ref>{{cite web |last1=Freeman |first1=Harold |title=The Cost of Black Wednesday Reconsidered |url=http://www.hm-treasury.gov.uk/d/Cost_Black_Weds_reconsidered.pdf |archive-url=http://webarchive.nationalarchives.gov.uk/20130403000951/http://www.hm-treasury.gov.uk/d/Cost_Black_Weds_reconsidered.pdf |archive-date=3 April 2013 |access-date=9 October 2018 |publisher=[[HM Treasury]] |page=4}}</ref><ref>{{cite web |title=Guide to the papers and full list of documents |url=http://www.hm-treasury.gov.uk/foi_erm4_2005.htm |archive-url=http://webarchive.nationalarchives.gov.uk/20130403000951/http://www.hm-treasury.gov.uk/foi_erm4_2005.htm |archive-date=3 April 2013 |access-date=9 October 2018 |publisher=[[HM Treasury]]}}</ref>