IVAC’s turnover had risen from £59,000 in 1986 In late 1990 John Major took over as Prime to £240,000 by 1992. Local authority grants to Minister. However, after winning a general IVAC rose from £99,000 in 1990 to £190,000 election in 1992, his government was rocked in 1994. by a crisis, as the UK was forced out of the European Exchange Rate Mechanism (ERM), At national level the National Association of sending interest rates spiralling, the value of Councils for Voluntary Service, devoted to sterling plummeting and the economy supporting councils for voluntary service (CVS) into decline. organisations like IVAC, was formally launched in April 1991, effectively separating from NCVO. His administration was notable for establishing IVAC joined this new network (later to become new Standards in Public Life applying to public NAVCA, the National Association for Voluntary bodies and charities, and creating the National Action). Lottery, the proceeds of which would be Throughout the 1990s IVAC continued to distributed to charities and voluntary groups by provide development assistance for many local its grant-making arm. groups in Islington, especially for small and start-up groups. It also supported government- sponsored Health Action Zones and the Neighbourhood Support Fund to improve public health and community cohesion in Islington. Meanwhile IVAC played a prominent role in the emerging Central London CVS Network, coordinating the work of similar organisations across the central London boroughs. This work continued in various forms and today is incorporated in London Plus. Celebrating 50 Years of Service 25