The pound has haunted British politicians for most of this century. From Winston Churchill's ill-judged return to the gold standard in 1925, through Harold Wilson's devaluation in 1967 to John Major's Black Wednesday it has been a symbol alternately of national pride and national decline. The tension between politics and the pound has never been greater than during the Conservatives' rule since 1979. It was the ERM which first destroyed Margaret Thatcher's cabinet and then her premiership, and John Major's entanglement of the pound with Europe threatens the most damaging split in the Conservative party since the beginning of the century. Politics and the Pound is a witty, authoritative account of this explosive mix between politics and economics and gives a rare insight into how economic policy is made in modern Britain and into the continuing political struggle over Britain's place in Europe.