Lord Norman Lamont was at the centre of British politics for many years. He was a Cabinet Minister under both Margaret Thatcher and John Major and was a member of the House of Commons for twenty-five years. Lord Lamont was Chancellor of the Exchequer from 1990-1993 and introduced three budgets during the difficult recession of the time and Britain’s exit from the ERM on “Black Wednesday”.
He was heavily involved in the Thatcher reforms including privatisation that transformed the British economy. As well as being a working Peer and co-Chairman of the Eurosceptic Bruges Group, Lord Lamont has been a director of, and a consultant to, a number of companies in the financial sector.
He inherited the policy of membership of the ERM, which made it a difficult and controversial time to be Chancellor. This culminated in Britain’s exit from the ERM in September 1992.
Many Economists have attributed much of the economic stability and low inflation enjoyed in his first years by Gordon Brown to the policies introduced by Norman Lamont after Britain’s exit from the ERM in September 1992. These new policies included an inflation target for the Bank of England and a tough tax-raising Budget in 1993. Sir Alan Walters, economic advisor to Lady Thatcher, in a letter to the Times described Lord Lamont in his “post-ERM phase” to be not only the most effective but also the bravest Chancellor since 1945″.
Lord Lamont was heavily involved in the politics of Britain’s changing relationship with Europe. Obviously this arose with Britain’s doomed membership of the ERM, but Lord Lamont was also one of the earliest and strongest opponents of the Euro when it was created. He was Britain’s chief negotiator at Maastricht and procured Britain’s opt out from the single currency. It was at this stage that Norman Lamont became increasingly sceptical of Europe and declared, not long after he ceased to be Chancellor, that the time might come when Britain would have to consider withdrawing from the EU. Lord Lamont campaigned for Britain’s departure from the EU during the Referendum. He has actively been supporting the exit process in the House of Lords.
Currently, he is a director of, and a consultant to a number of companies in the financial sector.
He was made a Life Peer in 1998.
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