24: John Major: The Gulf War, Black Wednesday, and Populism (Part 2)
The Rest Is Politics: Leading
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The Impact of the ERM on the Labour Party
On the day, we were facing huge outflows of money. The only leave you had was interest rates and support from other governments. If we had done it without battling, it would have been seen as bad faith apart from anything else. How important was that day back in Labour's subsequent victory? And how at the time did Labour present what happened to Sir John Major's government? I think it was a defining moment from which the government probably never recovered. It was not an economic disaster for us, but it was a political disaster.
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