21:26 GMT26 July 2021
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    Former UK Prime Minister Margaret Thatcher stood up against senior ministers and the Bank of England to prevent her country from joining the European Exchange Rate Mechanism (ERM), the forerunner of the euro, newly-revealed documents show.

    MOSCOW (Sputnik) – In 1985, then-Chancellor Nigel Lawson told Thatcher that both the Bank of England and senior officials in the Treasury agreed that joining the ERM would strengthen the markets, the UK National Archives released on Thursday showed.

    Thatcher stood up against Foreign Secretary Geoffrey Howe and Trade and Industry Secretary Leon Brittan, among others who sided with Lawson, and insisted that there were not enough arguments in favor of joining. 

    ​Mrs Thatcher was eventually persuaded to sign up to the ERM in 1990 by Mr Lawson's successor as chancellor John Major who — as prime minister two years later — presided as the UK humiliating crashed out on Black Wednesday. 


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