Black Wednesday and exit from the Exchange Rate Mechanism (1992)
Sterling forced out of the ERM on 16 September 1992 despite interest-rate rises
Prime Ministers · 20th century
1943– · British
Conservative
In office: 1990–1997
Sir John Major succeeded Margaret Thatcher in November 1990 and unexpectedly won the 1992 general election with over 14 million votes, a record for any British party. His government was badly damaged by Black Wednesday, when sterling left the Exchange Rate Mechanism, and by bitter divisions over the Maastricht Treaty. He also laid foundations for the Northern Ireland peace process before losing heavily to Tony Blair in 1997.
Black Wednesday and exit from the Exchange Rate Mechanism (1992)
Sterling forced out of the ERM on 16 September 1992 despite interest-rate rises
The Maastricht Treaty negotiations and opt-outs (1991–1993)
Secured opt-outs from the single currency and the Social Chapter; ratification split his party
The Citizen's Charter and the Cones Hotline (1991–1992)
Public-service standards initiative, including a much-mocked hotline to report unnecessary roadworks cones
The 'Back to Basics' campaign (1993)
Conference theme undermined by a string of ministerial scandals
Launch of the National Lottery (1994)
First draw held in November 1994
The Downing Street Declaration (1993)
Joint declaration with Irish Taoiseach Albert Reynolds on Northern Ireland
'Put up or shut up' leadership re-election (1995)
Resigned as party leader to force a contest, then beat John Redwood