Editing John Major (section)

=== Second Major ministry (1992–1997) ===
{{main|Second Major ministry}}
On 16 September 1992, the [[pound sterling]] crashed out of the European Exchange Rate Mechanism after the Chancellor of the Exchequer [[Norman Lamont]] had invested heavily in trying to keep it there, adjusting interest rates four times in one day.<ref>{{cite news|url=http://news.bbc.co.uk/onthisday/hi/dates/stories/september/16/newsid_2519000/2519013.stm |title=1992: UK CRASHES OUT OF THE ERM |work=BBC News |access-date=12 August 2021}}</ref> This event would later be called [[Black Wednesday]]. Despite the recession finally ending in 1993, the Conservatives' popularity didn't improve. Major's second ministry was also defined by conflicts within the Conservative Party regarding [[European Union|Europe]] following the government's defeat on the [[Maastricht Treaty]].<ref>{{cite news|url=https://www.ft.com/content/0dee56c0-fdfa-11e8-ac00-57a2a826423e |archive-url=https://ghostarchive.org/archive/20221210/https://www.ft.com/content/0dee56c0-fdfa-11e8-ac00-57a2a826423e |archive-date=10 December 2022 |url-access=subscription |url-status=live |title=Brexit: the Conservatives and their thirty years' war over Europe |author=Robert Shrimsley |work=Financial Times |date=14 December 2018 |access-date=12 August 2021}}</ref><ref>{{cite web |date=11 December 1991 |title=European Council (Maastricht) |url=https://api.parliament.uk/historic-hansard/commons/1991/dec/11/european-council-maastricht |access-date=17 May 2011 |website=[[Hansard|Parliamentary Debates (Hansard)]]}}</ref>[[File:President Bill Clinton and Prime Minister John Major.jpg|left|thumb|Major and Clinton at the White House in 1994]]
On 12 May 1994, John Smith died from a heart attack and was replaced by [[Tony Blair]] who continued Labour's modernisation under the slogan of "[[New Labour]]".<ref>{{cite news|url=https://www.bbc.co.uk/news/uk-politics-10518842 |title=The rise and fall of New Labour |work=BBC News |date=3 August 2010 |access-date=12 August 2021}}</ref> Some polling at the end of 1994 and the start of 1995 had Labour with a vote share of over 60%. The Tories remained divided over this era and in an attempt to silence his critics, Major resigned as Party leader. In the [[1995 Conservative Party leadership election|leadership election]], Major comfortably beat [[John Redwood]] in June 1995.<ref>{{cite news|url=https://www.independent.co.uk/news/pm-assails-malcontent-redwood-1588458.html |archive-url=https://ghostarchive.org/archive/20220613/https://www.independent.co.uk/news/pm-assails-malcontent-redwood-1588458.html |archive-date=13 June 2022 |url-access=subscription |url-status=live |title=PM assails 'malcontent' Redwood |author=Donald Macintyre |work=The Independent |date=23 October 2011 |access-date=12 August 2021}}</ref> Following a string of by-election defeats, the Conservatives' majority of 21 had been eroded by 13 December 1996.<ref>{{cite news|url=https://www.nytimes.com/1996/12/07/world/tories-slip-into-minority-labor-silent-on-forcing-election.html |title=Tories Slip Into Minority; Labor Silent on Forcing Election |author=Warren Hoge |work=[[The New York Times]] |date=7 December 1996 |access-date=12 August 2021}}</ref>

In the [[1997 United Kingdom general election|1997 election]] on 1 May 1997, Labour won a 179-seat majority, ending their eighteen years in opposition.<ref>{{cite news|url=https://www.history.com/this-day-in-history/labour-party-returns-to-power-in-britain |title=Labour Party returns to power in Britain |publisher=History |date=9 February 2010 |access-date=12 August 2021}}</ref> This was the worst general election result of the 20th century for the Conservatives, seeing the loss of all the party's seats in Wales and Scotland. On the morning of 2 May 1997, on his final departure from Downing Street to offer his resignation to [[Elizabeth II|Queen Elizabeth II]], Major announced his intention to step down as leader of the Conservative Party, stating in his exit speech that "when the curtain falls, it's time to get off the stage". He was succeeded as prime minister by [[Tony Blair]].