Ten years ago today Sterling crashed out of the Exchange Rate Mechanism, fatally undermining John Major's Conservative government.

Variously seen as "Black Wednesday" or "White Wednesday", the anniversary has reopened old Tory wounds with senior party figures disputing the anniversary's significance for future euro membership.

Former chancellor Kenneth Clarke yesterday insisted the right lessons could be learned from the disaster before Britain joined the euro, while shadow chancellor Michael Howard claimed Clarke was making an "astonishing argument".

Interviewed in the Sun today, Iain Duncan Smith says his party is still trying to "heal the scars" caused on that day.

Today's Telegraph and Sun both use the anniversary to warn against repeating past mistakes by entering the single currency.