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Black Wednesday
The Conservative majority proved too small for effective control over his backbenchers particularly after the United Kingdom's forced exit from the Exchange Rate Mechanism (ERM) on "Black Wednesday" 16 September 1992 just five months into the new parliament when billions of pounds were spent in a futile attempt to defend the currency's value. By this time the "New" Labour Party was seen as a reformed and fresh alternative under the leadership of Tony Blair; and after eighteen years in office the Conservatives lost the 1997 general election in one of the largest electoral defeats since the Great Reform Act of 1832. Unemployment started to fall; by the start of 1993 it had reached almost 3000000 but by early 1997 it stood at 1700000.
Major's premiership saw the world go through a period of political and military transition after the end of the Cold War. By this time the "New" Labour Party was seen as a reformed and fresh alternative under the leadership of Tony Blair; and after eighteen years in office the Conservatives lost the 1997 general election in one of the largest electoral defeats since the Great Reform Act of 1832.
