European Exchange Rate Mechanism
Finally, the UK withdrew from the European Exchange Rate Mechanism, devaluing the pound. Soros's profit on the bet was estimated at over $1 billion. He was dubbed "the man who broke the Bank of England". The estimated cost of Black Wednesday to the UK Treasury was £3.4 billion. Stanley Druckenmiller, who traded under Soros, originally saw the weakness in the pound and stated: "[Soros's] contribution was pushing him to take a gigantic position."