Page "John Major" Paragraph 22

The Conservative majority proved too small for effective control over his backbenchers, particularly after the United Kingdom's forced exit from the Exchange Rate Mechanism ( ERM ) on " Black Wednesday ", 16 September 1992, just five months into the new parliament, when billions of pounds were spent in a futile attempt to defend the currency's value.

After the release of Black Wednesday government documents, it became apparent that Major came very close to stepping down from office at this point, having even prepared an unsent letter of resignation addressed to the Queen.

Major continued to defend Britain's membership of the ERM, stating that " The ERM was the medicine to cure the ailment, but it was not the ailment ".