any third party since 1929. Although the Conservatives lost many ministers such as Michael Portillo, Tony Newton, Malcolm Rifkind, Ian Lang and William Waldegrave and controversial MPs such as Neil Hamilton and Jonathan Aitken, some of the Conservative newcomers in this election were future Prime Minister Theresa May, future Chancellor of the Exchequer Philip Hammond, future Leader of the House Andrew Lansley, as well as future Speaker John Bercow. Meanwhile, Labour newcomers included future Cabinet and Shadow Cabinet members Hazel Blears, Ben Bradshaw, Yvette Cooper, Caroline Flint, Barry Gardiner, Alan Johnson, Ruth Kelly, John McDonnell, Stephen Twigg and Rosie Winterton, as well as future Scottish Labour Leader Jim Murphy and future Speaker Lindsay Hoyle. The election of 120 women, including 101 to the Labour benches, came to be seen as a watershed moment in female political representation in the UK. Overview The British economy had been in recession at the time of the 1992 election, which the Conservatives had won, and although the recession had ended within a year, events such as Black Wednesday had tarnished the Conservative government's reputation for economic management. Labour had elected John Smith as its party leader in 1992, but his death from a heart attack in 1994 paved the way for Tony Blair to become Labour leader. Blair brought the party closer to the political centre and abolished the party's Clause IV in their constitution, which had committed them to mass nationalisation of industry. Labour also reversed its policy on unilateral nuclear disarmament and the events of Black Wednesday allowed Labour to promise better economic management under the Chancellorship of Gordon Brown. A manifesto, entitled New Labour, New Life for Britain was released in 1996 and outlined five key pledges: Class sizes to be cut to 30 or under for 5-, 6- and 7-year-olds by using money from the assisted places scheme. Fast track punishment for persistent young offenders, by halving the time from arrest to sentencing. Cut NHS waiting lists by treating an extra 100,000 patients as a first step by releasing £100 million saved from NHS red tape. Get 250,000 under-25-year-olds off benefit and into work by using money from a windfall levy on the privatised utilities. No rise in income tax rates, cut VAT on heating to 5%, and keeping inflation and interest rates as low as possible. Disputes within the Conservative government over European Union issues, and a variety of