 The upheaval caused by the day's events was such that Major came close to resigning as Prime Minister, preparing an unsent letter of resignation addressed to the Queen.Although Major continued to defend Britain's membership of the ERM, stating that "the ERM was the medicine to cure the ailment, but it was not the ailment", the disaster of Black Wednesday left the Government's economic credibility irreparably damaged.Major kept his economic team unchanged for seven months after Black Wednesday before eventually sacking Norman Lamont as Chancellor of the Exchequer, replacing him with Kenneth Clarke.