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John Major

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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.
--
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.

 
John Major

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