In September 1992 , he made his maiden speech as party leader , about the Government 's ERM debacle eight days earlier , saying that John Major was '' The devalued Prime Minister of a devalued Government '' .
In September 1992 , Smith made his maiden speech as party leader , in which he attacked the Government 's ERM debacle eight days earlier . 
 He referred to John Major as '' the devalued Prime Minister of a devalued Government '' .