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It was a day of electrifying political drama. Interest rates rocketed, by 5% in a matter of hours, and the nation's coffers were depleted by billions.

And I watched Chancellor Norman Lamont emerge from the Treasury brushing aside a stray strand of hair from his face and looking like a man hollowed out with exhaustion.

For once the insouciant mask was awry as he admitted it had been a "difficult and turbulent day". (The thoughts of his special adviser, the 25-year-old David Cameron, are not recorded.)

Voters could only guess at the implications for their own pockets at what would become known as Black Wednesday.

In recent months, given the ongoing trauma afflicting the euro, there's a widespread sense that uncoupling from its forerunner was a blessing in disguise.

But the sense of national humiliation at Britain's summary ejection from the European Exchange Rate Mechanism ensured that, 20 years ago, it seemed anything but.

It's also still hotly debated exactly why events unfolded as they did.

But there's little dispute that a number of nations' interest rates, tied to the Deutschmark, became skewed after German reunification led to a rate hike by the Bundesbank.

As Britain was in recession, that was the last thing it needed. Or could afford.

However, while the Major government bet on UK weathering the storm, the markets bet against. And won.

The Italian lira was expelled from the ERM on the same day as the pound, and seven other countries also suffered severe financial turbulence.

Though the stock market rallied the very next day, and a series of subsequent interest rate falls revived the British economy, Black Wednesday marked the beginning of the end of Norman Lamont's career as Chancellor.

Many commentators chart the beginning of the Tory decline to that day as well. Though in fact the party's poll ratings in the months that followed suggest otherwise.

However, the party's divisions over Europe, festering for some time, now exploded into open warfare.

And few could dispute that that schism did much to hand Tony Blair his landslide victory five years later.