John Redwood single handedly saved the pound, according to the man himself in an interview with Building this week.
Although primarily discussing his plans to cut out regulatory burdens on the construction industry should the Tories win the next general election, Redwood also made the startling claim that his leadership challenge to John Major in 1995 stopped plans to introduce the euro.
Asked if he regretted standing against Major, Redwood said: “There was one major advance, in that the challenge got a promise [from Major] for a referendum on the euro. Mr Blair immediately matched that promise, and as a result we have kept the pound.”
Redwood added that he had “no doubts” that Blair would have already abolished the pound had he not been cornered into pledging a referendum.
Redwood is currently shadow secretary of state for deregulation.