A FORMER Chancellor of the Exchequer, credited with rescuing Britain from recession and keeping it out of the Euro in the 1990s, is to be guest speaker at the 2012 Star Business Awards.
Norman Lamont – now Baron Lamont of Lerwick – served as a Conservative minister in the Departments of Energy, Industry, Defence and the Treasury for 14 years.
He spent three action-packed years as Chancellor in John Major’s government.
During his time as Chancellor he had to deal with rampant inflation and ‘Black Wednesday,’ when Britain quit the European Exchange Rate Mechanism – the precursor to the Euro.
By the time he left office, inflation had been cut from being the highest it had been since the 1980s to below levels in most of what was then the G7 group of leading economies.
Meanwhile the country had moved to a position where its economy was growing faster than most of its G7 competitors.
Norman Lamont was later credited with not only reducing inflation and promoting growth, but also with keeping Britain out of the Euro, taking the first steps towards making the Bank of England independent from government and introducing structural reforms to the tax system.
Four years ago, Prime Minister David Cameron – Lamont’s political adviser when he was Chancellor – invited him and three other former Tory Chancellors to provide political and economic advice as the banking crisis and recession began to bite.
Today, Norman Lamont is a director of and consultant to a number of companies in the financial sector.
He is a strong opponent of further European integration and vice president of the Eurosceptic Bruges Group.
Fourteen awards are up for grabs at this year’s Star Business Awards, which takes place at Ponds Forge International Sports Centre on Thursday, September 27. To enter or nominate a company or individual for an award, visit www.thestar.co.uk/businessawards.