24: John Major: The Gulf War, Black Wednesday, and Populism (Part 2)
The Rest Is Politics: Leading
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The Importance of Moral Responsibility in Politics
On the day I became Prime Minister, we were heading for a serious recession. In order to correct that, we had to do some pretty uncomfortable things in government. We did many things that caused an awful lot of pain to people. The belief that we didn't care was simply untrue. On the day we left office, interest rates had fallen from 14% to 6%. Inflation had fallen from it went up to over 10% to 2.6%. Growth from being in recession was at 3.5%, which I think is the largest. And the public finances were 1 billion in deficit,. It had risen to 46 billion. So it was a complete turnaround. Yet we had caused so
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