“All my adult life I have seen British governments driven off their virtuous pursuit of low inflation by market problems or political pressures. I was under no illusions when I took Britain into the ERM. I said at the time that membership was no soft option. The soft option, the devaluer's option, the inflationary option, that would in my opinion be a betrayal of Britain's future.”

— John Major

Robin Oakley, "Major rejects devaluation as betrayal of the future", The Times, 11 September 1992.
Speech to the Scottish CBI, 10 September 1992, six days before Black Wednesday when the Pound was forced out of the ERM.
1990s, 1992

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Former Prime Minister of the United Kingdom 1943

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