The Major Government Pt 2
- Created by: yazmintaylorx
- Created on: 24-01-18 17:52
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- The Major Government
- Europe and the ERM
- Feb 1992 Maastricht Treaty signed
- ERM - interest rose 10%-15% & BoE sold £30bn to keep the £ stable.
- 16th Sept 1992 'Black Wednesday'
- Britain withdrew from ERM
- 16th Sept 1992 'Black Wednesday'
- consequences
- B's case for closer integration damaged
- Eurosceptics arguments strengthened
- Cons. reputation for financial responsibility damaged
- Lab. gained 15% lead in opinion polls
- long term
- economy boomed
- Europe dividing Cons.
- July 1993 organised resistance to Maas. Treaty by Eurorebels defeated bill necessary to ratify treaty
- Major forced through by introducing it as a proposal in part of formal vote of confidence in his govt.
- July 1993 organised resistance to Maas. Treaty by Eurorebels defeated bill necessary to ratify treaty
- Economic Growth
- economy picked up after leaving ERM
- beginning of Britain's longest period of continuous economic growth
- end of recession declare April 1993
- unemployment fell from 3m to 2m by 1996
- British economy outperformed the rest of Europe for the first time in a generation
- The IRA
- began work engaging with the IRA to work towards a peaceful end to the conflict
- his work there led the way for the Good Friday Agreement in 1998
- The Gulf War
- Major made an impressive debut during the war in which his conduct was statesmanlike over the crisis in Kuwait
- Major's decision to keep the opposition leaders (Kinnock & Ashdown) informed on the key moves in the Gulf war won him considerable respect at home
- Europe and the ERM
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