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John Major, Britain's prime minister [...] committed his government to shunning 'the soft option, the devaluer's option that would be a betrayal of our future and our children's future'. It was the signal speculators needed, with George Soros famously ahead of the pack, to take the British governme…

the European Union remained capable of promoting planification, code for looking after large French companies through bailouts

Lamont thus inherited Britain's place in the EMS-ERM fixed exchange system and tried to make the best of it, seeing it also as a bulwark for pushing down Britain's inflation rate

put under pressure by the exigencies of its most powerful social groups