As you know (and if you didn’t you do now) I am not a big fan of John Prescott so my ears pricked up when he mentioned about Gordon Brown being against entry into the ERM whilst getting a pasting from Andrew Rawnsley on Newsnight recently.
For some reason (possibly because it was Prescott) I thought it was a bit fishy, but thought no more of it. So I was quite surprised when by chance I happened to spot a comment on Iain Dale’s blog about Prescott’s remark.
Basically it was saying Brown was all for the ERM but weaselled his way out of it when it came down round the Tories ears. So I thought I’d do some digging…
Samuel Brittan: The Financial Times (26th September 2003)
Although the undignified 1992 departure from the Exchange Rate Mechanism did most damage to the Conservative government of John Major, some of the blame rubbed off onto the Labour economic team, which had supported British membership enthusiastically.
The Federal Union (29th June 2007)
This goes a long way to explain Gordon Brown’s reticence. He had been in the Labour opposition at the time which had supported the argument for British membership of the ERM.
So this means either John Prescott was unaware of Labour and Gordon Brown’s position on the ERM, he conveniently forgot, or he lied. No prizes for guessing which one I’d go for…