True up to a point, particularly regarding Lawson (who was long gone by the time of the ill-fated ERM episode). But the fundamental cause of that disaster was Thatcher’s insistence that Sterling shadow the Deutschmark at an unrealistic rate of (from memory) around 2.9 DM to the pound - a more realistic rate would have been 2.5.
Thatcher felt very strongly that the pound should be worth 3 DM, even though this was patently not the case. She grudgingly settled for the rate that was set, but it was way too high. And once the rate was set it couldn’t be altered so the pound had to stick within a narrow band against the Deutschmark, bringing about the interest rate rises that followed.
According to minutes taken at the time, Thatcher actually warned Major against setting sterling value too high, comparing it with Churchill’s similar mistake.
That said, Major is probably the least competent PM I can remember (Truss doesn’t really count, in every sense ). In fact the only thing we’ve got to thank him for is the UK opt outs at Maastricht, and he wouldn’t have bothered with those if the party hadn’t forced him to.
Wow, when I lived in Germany in the early 80s the rate was 4.5DM to the pound. I also found that an English shilling worked as a DM in the street vending machines. Cheap sweets all around.
Yep, remember it well (was army brat in Germany between 70-73, ‘77-81’ - Padeborn, Hamlin, Minden, Neinburg, dad was in Royal Engineers) and it was always above 4DMs. They used too have cigarette vending in street that took 1DM coins so had you been older those old 5p/shilling coins could have kept you in smokes!
Very sadly passed away due to Alzheimer’s. We saw John at the Engine Rooms recently with PiL, I believe he was touring and doing the interview circuit to raise funds for her care and awareness of the disease.
As an additional obit for Nigel Lawson, this is an interesting read. Not least his enthusiasm for the ERM, which I have to admit I was completely unaware of. Nor did I realise that he and William Keegan were good friends.
I’m surprised nobody has mentioned the passing of the inventor of the “Pussy Pelmet” Mary Quant.
The woman who launched a thousand teenage fantasies for me. My pulse rate never fell below 120 until 1969 when some idiot invented the midi and maxi skirts.
She was very much a living Icon in my teenage years.
RIP.
Saw his stage shows twice back in the early 80s.
So pumped to get a Gladioli
At The Mayflower made mistake of sitting in the 2nd row went with mate & our now ex wives.
Sir Les copped us early on, we took flak all through the show Dame Edna kept telling us what she would do to us on stage.
The finale was to get 4 blokes on stage to cook a BBQ.
God we cringed and the twist? 4 other poor sods got dragged up.
Made them cook the meal, sit down start eating and Dame Edna waved, walked off. Never came back just left them there.
Brilliant hilarious loved Sir Les
