Lamont, Norman Stewart Hughson

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British Conservative politician, chief secretary of the Treasury 1989–90, chancellor of the Exchequer 1990–93, born in the Shetland Islands. In September 1992, despite earlier assurances to the contrary, he was forced to suspend the UK's membership of the European Community (now the European Union) Exchange Rate Mechanism (ERM). He was replaced as chancellor by Kenneth Clarke in May 1993, after which he became a fierce right-wing critic of the Major administration. He lost his House of Commons seat in the May 1997 general election.

Educated at Cambridge University, Lamont was elected to Parliament in 1972 as member for Kingston upon Thames. He masterminded John Major's leadership campaign. As chancellor of the Exchequer, he firmly backed the UK's membership of the ERM and, despite signs that the pound was in trouble, specifically ruled out devaluation on 10 September 1992. A week later, in the face of mounting international pressure on the pound, he was forced to devalue and withdraw from the ERM, inciting fierce criticism and calls for his resignation.

Red represents the body as well as gallantry and freedom. White stands for the soul, purity, and justice. Effective date: 17 August 1945. >>