Lord Lamont talks tackling inflation, controlling interest rates and growing up in Shetland in the latest episode of Lord Speaker’s Corner.
‘Although I personally would not have joined the ERM and although I personally didn't think it was a disaster when we had to leave, I think the period we were in the ERM for two years did actually do the economy a huge amount of good.’
Norman Lamont, now Lord Lamont of Lerwick, was Chancellor of the Exchequer in the early 90s, and was responsible for trying to restore stability after the UK dramatically crashed out of the European Exchange Rate Mechanism (ERM) on ‘Black Wednesday’. In this episode, he shares with Lord McFall of Alcluith what was going on behind the scenes and explains that despite it being ‘a political disaster… a great humiliation’, it set up the following 15 years of growth.
‘I did actually go and see both Gordon Brown and Tony Blair when they were in opposition. And I told them that it wasn't my business to do anything to help the Labour Party, but I think it would be in the interest, thought it would be in the interest of the country, if they made the Bank of England independent.’
Lord Lamont also explains how he suggested to Gordon Brown and Tony Blair to make the Bank of England independent, having not managed to convince John Major to do the same when he was Prime Minister. He also explains how we have got to where we are with interest rates today, by introducing a policy to use interest rate setting to target a set percentage for inflation.
Born in Shetland, Lord Lamont also explains how growing up there influenced his perspectives on the UK and Europe, and talks about his hopes for the UK's relationship with the EU post-Brexit.
Find out more and watch episodes of Lord Speaker's Corner:
https://www.parliament.uk/business/lords/house-of-lords-podcast/
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