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5. LaChance, a French firm, and UKING, a British firm, are arch rivals in the European flat-glass business. After Britain's exit from the ERM in

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5. LaChance, a French firm, and UKING, a British firm, are arch rivals in the European flat-glass business. After Britain's exit from the ERM in September 1992, the pound fell by 15% against the franc. a. What was the likely impact on LaChance's profitability of the pound devaluation? b.. What was the likely impact on UKING's profitability of the pound devaluation

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