Major's premiership saw the world go through a period of political and military transition after the end of the Cold War. This included the growing importance of the European Union, an issue which was already a source of friction within the Conservative Party owing to its importance in the decline and fall of Margaret Thatcher. Major and his government were responsible for the United Kingdom's exit from the Exchange Rate Mechanism (ERM) after Black Wednesday on 16 September 1992, after which the Conservatives never gained a lead in the opinion polls.

Despite successes such as the revival of economic growth and the beginnings of the Northern Ireland Peace Process, by the mid-1990s the Conservatives were embroiled in ongoing "sleaze" scandals involving various MPs and even Cabinet Ministers. Criticism of Major's leadership reached such a pitch that he chose to resign, and be re-elected, as party leader in June 1995. After the defeat, Major resigned as the leader of the party, and was succeeded by William Hague. He has since retired from active politics, leaving the House of Commons at the 2001 general election, but continues to be a sought-after speaker.
A superb item of signed Political memorabilia.