28 SEPTEMBER 2002, Page 34

ERM mistake

From Lord Deramore Sir: Mike Faulkes (Letters, 21 September) concludes that Margaret Thatcher took Britain into the ERM for reasons of internal party politics in order to reap advantage in the forthcoming general election. At the time the two other main political parties — as well as the CBI, TUC, BBC and the City of London — were all urging entry, so it is hard to see how her decision to enter was prompted by such reasons. As it happens, she was persuaded by her chancellor, John Major, against her better judgment. This is clear from reading Sir George Gardiner's autobiography. A Bastard's Tale, and her own, The Downing Street Years.

Deramore

Pickering. North Yorkshire