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  Ed - going back to the last Conservative Government, yes you are right that in 1992 we crashed out of the ERM and a fair bit of cash had to be spent supporting the £ before that. Lamont had to leep to the rules Major had signed us up to when he had taken us into ERM as Chancellor against Mrs T's wishes. You will recall that Mrs T and Sir Alan Waters held out against joining the ERM faced with an onslaught by pro-Europe Tories, the CBI, Trade Unions, Labour, Libs and most of the press for some time.
  
  What is important though was that so called 'Black Wednesday' was more a 'White Wednesday' because that was a catylist for economic recovery from the recession. Everyone then realised Mrs T and Sir Alan were right about ERM and all the rest wrong!
  
  There then followed 4 years of steady growth, the finances were brought quickly back into order and unemployment was reducing. Free from the ERM the economy prospered and as a result when the Conservatives left office the economy was in very good shape indeed.
  
  Major lost the election because he led a tired Government, not because of economic issues. So I am afraid my point remains valid.

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