Norman Lamont
The Chancellor who presided over Britain's exit from the European Exchange Rate Mechanism, a day known as Black Wednesday.
Born 1942 (age 84)·British politician·Birthday: May 8·The Silent Generation
Biography
Norman Lamont's political identity is forever tied to a single, disastrous date: September 16, 1992, known as Black Wednesday. As Chancellor of the Exchequer under Prime Minister John Major, he was the public face of the government's failed attempt to keep the pound within the European Exchange Rate Mechanism. After spending billions in a futile defense, Britain was forced to withdraw, and Lamont announced the decision outside the Treasury with a strained attempt at cheerfulness that became infamous. The devaluation that followed ultimately benefited the economy, but the political humiliation was profound. Lamont was dismissed the following year and became a persistent critic from the backbenches, evolving into a staunch Eurosceptic. His later career as a peer and commentator has been defined by that pivotal moment, a case study in the limits of political will against market forces.
The Silent Generation
1928–1945
Born between the Depression and the end of WWII. Too young to fight, old enough to remember. They became the conformist middle managers of the 1950s — and the civil rights leaders who quietly dismantled Jim Crow.
Norman was born in 1942, placing them squarely in The Silent Generation. The events that shaped this generation — world wars, depression, and rapid industrialization — shaped the world they entered and the choices available to them.
#1 When Norman Was Born
The biggest hits of 1942
#1 Movie
Bambi
Best Picture
Mrs. Miniver
Norman's Life & Times
The world at every milestone
1942Born
Battle of Midway turns the tide in the Pacific
Gas: $0.20/galHome: $3,175Min wage: $0.30/hrPresident: Franklin D. Roosevelt"White Christmas" — Bing CrosbyBest Picture: Mrs. Miniver
1947Started school
India gains independence; the Dead Sea Scrolls found
Gas: $0.23/galHome: $6,600Min wage: $0.40/hrPresident: Harry S. Truman"Near You" — Francis CraigBest Picture: Gentleman's Agreement
1955Became a teenager
Rosa Parks refuses to give up her bus seat
Gas: $0.29/galHome: $9,550Min wage: $0.75/hrPresident: Dwight D. Eisenhower"Rock Around the Clock" — Bill Haley & His CometsBest Picture: Marty
1958Could drive
NASA founded
Gas: $0.31/galHome: $11,050Min wage: $1.00/hrPresident: Dwight D. Eisenhower"Volare" — Domenico ModugnoBest Picture: Gigi
1960Could vote
Kennedy-Nixon debates become first televised presidential debates
Gas: $0.31/galHome: $11,900Min wage: $1.00/hrPresident: Dwight D. Eisenhower"Theme from A Summer Place" — Percy FaithBest Picture: The Apartment
1963Turned 21
JFK assassinated in Dallas; Martin Luther King's 'I Have a Dream' speech
Gas: $0.31/galHome: $13,100Min wage: $1.25/hrPresident: Lyndon B. Johnson"Sugar Shack" — Jimmy Gilmer & The FireballsBest Picture: Tom Jones
1972Turned 30
Watergate break-in; last Apollo Moon mission
Gas: $0.36/galHome: $19,550Min wage: $1.60/hrPresident: Richard Nixon"The First Time Ever I Saw Your Face" — Roberta FlackBest Picture: The Godfather
1982Turned 40
Michael Jackson releases Thriller
Gas: $1.22/galHome: $55,200Min wage: $3.35/hrPresident: Ronald Reagan"Physical" — Olivia Newton-JohnBest Picture: Gandhi
1992Turned 50
LA riots after Rodney King verdict
Gas: $1.13/galHome: $84,300Min wage: $4.25/hrPresident: George H.W. Bush"End of the Road" — Boyz II MenBest Picture: Unforgiven
2002Turned 60
Euro currency enters circulation
Gas: $1.36/galHome: $137,800Min wage: $5.15/hrPresident: George W. Bush"How You Remind Me" — NickelbackBest Picture: Chicago
2012Turned 70
Curiosity rover lands on Mars; Sandy Hook shooting
Gas: $3.64/galHome: $143,200Min wage: $7.25/hrPresident: Barack Obama"Somebody That I Used to Know" — GotyeBest Picture: Argo
2022Turned 80
Russia invades Ukraine; Queen Elizabeth II dies
Gas: $3.97/galHome: $348,700Min wage: $7.25/hrPresident: Joe Biden"As It Was" — Harry StylesBest Picture: Everything Everywhere All at Once
2026Age 84 today
Gas: $3.91/galPresident: Donald Trump
Key Achievements
- Served as Chancellor of the Exchequer from 1990 to 1993 during John Major's premiership.
- Was the Minister of State for Defence Procurement during the Falklands War.
- Became a leading Eurosceptic voice after leaving government, supporting the Leave campaign in 2016.
- Was created a life peer in 1998, taking the title Baron Lamont of Lerwick.
Did You Know?
He famously quoted the French poet Paul Valéry after Black Wednesday: 'Sometimes it is necessary to suffer a defeat in order to understand the nature of the battle.'
Lamont was the first Chancellor to introduce an inflation target for the Bank of England.
He stood unsuccessfully for the leadership of the Conservative Party in 1997.
His father was a doctor in Shetland, which is reflected in his peerage title 'of Lerwick'.
““Je ne regrette rien.” (Reportedly said in the aftermath of Black Wednesday.)”
