Following the Conservatives' surprise victory in the 1992 general election, the popularity both of the party and of Major himself fell dramatically, particularly after a financial crisis in September 1992 known as [[Black Wednesday]], in which the [[Pound]] was forced out of the European Exchange Rate Mechanism (ERM). Major's approval ratings remained in the doldrums for the remainder of his term in office, and in the May 1997 general election the Conservatives suffered one of their heaviest defeats in history against the newly revamped Labour Party of [[Tony Blair]]. Major was subsequently replaced as Prime Minister by [[Tony Blair]] of the [[Labour Party]] and as leader of the Conservative Party by [[William Hague]].
Although a very competent politician and a capable Prime Minister, Major's most serious mistake was failing to control the political divisions and infighting in his party, which lead to a needlessly heavy defeat in the 1997 election. Had he been a more effective leader of the Conservative party, he would probably have lasted far longer as Prime Minister, and would possibly have remained in power to this day.
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[[Category:United Kingdom Prime Ministers]]