Below is the text of Mr Major’s comments on the ERM, made on 29th September 1992.
[The Prime Minister was asked whether Britain would rejoin the ERM].
It takes time. It is perfectly clear that we could not go back into the Exchange Rate Mechanism in the immediate future. I made that perfectly clear and those fault-lines would need to be addressed and corrected to our satisfaction before going back. I made that clear in the House of Commons the other day and I’m happy to reiterate it now.
[Mr Major was asked if that was the case as the other eleven member states didn’t agree].
That is not the case, wait and see.
[Mr Major was asked about the personal attack on him by Norman Tebbit].
I’m going to deal with the substantive issues in front of me, that is my responsibility.
This is a time for a clear, cool and careful calculation of what the British interest is. I’m not going to be distracted by froth and bubble, I’m going to deal with the substantive issues in front of us.