A watan Satumbar 1992, Smith ya yi jawabinsa na farko a matsayin shugaban jam'iyyar, wanda ya kai hari ga gwamnatin ERM debacle kwanaki takwas da suka gabata.
Tabbas, mafi rikitarwa na jumla ita ce "A watan Satumbar 1992, ya yi jawabinsa na farko a matsayin shugaban jam'iyyar, game da ERM na Gwamnatin kwanaki takwas da suka gabata, yana cewa John Major shi ne'' Firayim Ministan da aka rage darajarsa na Gwamnatin da aka rage darajarta '. "