Norman Lamont Biography and Timeline

Member of Parliament

Elected Member of Parliament

Role range: 1970-1974

Minister of State

Appointed Minister of State for the Dept of Trade & Industry

Role range: 1979-1990 – 1981-1985

Financial Secretary of Treasury

Appointed Financial Secretary to the Treasury

Role range: 1979-1990 – 1986-1989

Chief Secretary

Appointed Chief Secretary of the Treasury

Role range: 1979-1990 – 1989-1990

Budget

Presents the Budget Statement to the House of Commons

Role range: 1979-1990 – 1990-1993

Chancellor of the Exchequer

Appointed Chancellor of the Exchequer

Role range: 1990-1997 – 1990-1993

Budget Policy

The 1991 Budget under Norman Lamont sets out the Government's taxation, expenditure and borrowing plans.

Role range: 1990-1993

Budget

Norman Lamont presents the 1991 Budget to the House of Commons as Chancellor of the Exchequer.

Role range: 1990-1993

Black Wednesday

Britain suspends sterling's membership of the European Exchange Rate Mechanism.

Role range: 1990-1993

Black Wednesday

The decision to leave the ERM is agreed after emergency discussions involving Lamont, Prime Minister John Major, Foreign Secretary Douglas Hurd, President of the Board of Trade Michael Heseltine and Home Secretary Kenneth Clarke.

Role range: 1990-1997 – 1990-1993

Black Wednesday

By 7:00PM Norman Lamont announces Britain will leave the ERM and rates would remain at the new level of 12 percent

Role range: 1990-1997 – 1990-1997

Black Wednesday

In 2005, documents released under the Freedom of Information Act indicated that the cost of Black Wednesday was £3.3 billion

Role range: 1990-1997 – 1990-1997

Black Wednesday

The Bank of England attempts to prop up their currency as per the decision made by Norman Lamont and Robin Leigh-Pemberton, the and Governor of the Bank of England respectively

Role range: 1990-1997 – 1990-1997

Black Wednesday

The Bank of England's intervention was ineffective because Soros' Quantum Fund was dumping pounds far faster. The Bank of England continued to buy and Quantum continued to sell until Lamont told Prime Minister John Major that their pound purchasing was failing to produce results

Role range: 1990-1997 – 1990-1997

Black Wednesday

The decision to withdraw had been agreed at an emergency meeting during the day between Norman Lamont, Prime Minister John Major, Foreign Secretary Douglas Hurd, President of the Board of Trade Michael Heseltine, and Home Secretary Kenneth Clarke (the latter three pro-Europeans)

Role range: 1990-1997 – 1990-1997

Economy of Great Britain

At 10:30 AM on 16 September, the British Government announced a rise in the base interest rate from an already high 10 to 12 percent to tempt speculators to buy pounds.

Role range: 1990-1997 – 1990-1997

Economy of Great Britain

By 7:00 that evening, Norman Lamont, then Chancellor, announced Britain would leave the ERM and rates would remain at the new level of 12 percent

Role range: 1990-1997 – 1990-1997

Economy of Great Britain

Despite this and a promise later the same day to raise base rates again to 15 percent, dealers kept selling pounds, convinced that the Government would not stick with its promise.

Role range: 1990-1997 – 1990-1997

Economy of Great Britain

The United Kingdom is forced to leave the Exchange Rate Mechanism (ERM) on "Black Wednesday" when billions of pounds are lost defending the currency's value.

Role range: 1990-1997 – 1990-1997

European Exchange Rate Mechanism (ERM)

At 10:30 AM the Government announces a rise in the base interest rate from 10 to 12 percent to tempt speculators to buy pounds but base rates again to 15 percent but dealers keep selling pounds. By 7:00PM Lamont announces Britain will leave the ERM and rates would remain at 12 percent

Role range: 1990-1997 – 1990-1997

European Exchange Rate Mechanism (ERM)

The UK is forced to leave the Exchange Rate Mechanism (ERM) on "Black Wednesday" just five months into the new Parliament when billions of pounds were spent in a futile attempt to defend the currency's value

Role range: 1990-1997 – 1990-1997

Black Wednesday

Interest rates are set at 10 percent, the day after Black Wednesday

Role range: 1990-1997 – 1990-1997

Budget Policy

The 1992 Budget under Norman Lamont sets out the Government's taxation, expenditure and borrowing plans.

Role range: 1990-1993

Budget

Norman Lamont presents the 1992 Budget to the House of Commons as Chancellor of the Exchequer.

Role range: 1990-1993

Budget Policy

The 1993 Budget under Norman Lamont sets out the Government's taxation, expenditure and borrowing plans.

Role range: 1990-1993

Budget

Norman Lamont presents the 1993 Budget to the House of Commons as Chancellor of the Exchequer.

Role range: 1990-1993

Election

Defeated at the general election

Member of Parliament

Defeated at the general election