Cummingsgate: will it be Johnson's Black Wednesday?

A recently elected Conservative party leader won a surprise victory against considerable odds in a general election, and, as a result, appeared to be in a strong position with considerable authority. But just a few months later came a crisis.

The prime minister and his government did not handle it well. They made promises they were unable to keep, and though they stayed in office for the best part of five more years, the prime minister's credibility never recovered, and his government was torn apart by internecine warfare over Europe. When the next general election came along, the Tories were comprehensively defeated.

That is the story of John Major, prime minister from 1992-7, but the first three and a half sentences at least could also have been written about Boris Johnson. The crisis that found Major wanting, was 'Black Wednesday'. The government promised to keep the UK in Europe's Exchange Rate Mechanism at all costs. But even raising interest rates 4 per cent in a day and spending billions of pounds was not enough to fight off the currency dealers who believed Major was trying to keep the pound at a higher level than the economy justified, and the UK crashed out.

Johnson's crisis has been an odder one: his insistence on hanging on to an unelected adviser who had flouted coronavirus lockdown rules. It is coalescing, of course, with a general feeling that the crisis has been handled badly: locking down too late, abandoning testing, failing to supply protective equipment to frontline workers, failing to protect care homes, etc, but the decision to protect Dominic Cummings generated a huge wave of anger, even among Conservatives.

Will the story end the same? Sam Goldwyn said: 'beware of making predictions especially about the future,' and a lot can happen in what could be four years or more before the next election. Johnson also has a much bigger parliamentary majority than Major, but it is possible that when the history of his government is written, the day he decided to defend Cummings instead of firing him may be seen as his 'Black Wednesday'.