Norman Lamont
British Conservative politician who was Chancellor of the Exchequer in the government of John Major from 1990 to 1993.
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There is something wrong with the way in which we make our decisions. The Government listen too much to the pollsters and the party managers. The trouble is that they are not even very good at politics, and they are entering too much into policy decisions. As a result, there is too much short-termism, too much reacting to events, and not enough shaping of events. We give the impression of being in office but not in power. Far too many important decisions are made for 36 hours' publicity.
Jonathan Ross: Good to see you - how's it hanging?
Julian Clary: Oh, very well thank you. Very nice of you to recreate Hampstead Heath for me here [laughter]. As a matter of fact, I've just been visting Norman Lamont ... [prolonged laughter]
Ross: Let me ask you Julian ...
Clary: Talk about a red box.
John Pienaar (BBC reporter): Which do you regret more, singing in the bath when forced to withdraw from the ERM, or talking prematurely of green shoots last autumn?
Norman Lamont: I .. Je ne regrette rien.
What is the right exchange rate at one point is not necessarily the right exchange rate at another.
As a result of uncertainties caused by the French referendum, massive speculative flows have continued to disrupt the functioning of the exchange rate mechanism. As Chairman of Ecofin I have tonight called an urgent meeting of the EC's monetary committee to consider how stability might be restored to the markets over the next few days.
In the meantime the Government has decided that Britain's best interests would be best secured by suspending our membership of the ERM with immediate effect. As a result, the second of the two interest rate rises announced today will not take effect.
There are going to be no devaluations, no leaving the ERM. We are absolutely committed to the ERM. It is at the centre of our policy. We are going to maintain sterling's parity and we will do whatever is necessary, and I hope there is no doubt about that at all.
The green shoots of economic spring are appearing once again.
Rising unemployment and the recession have been the price that we have had to pay to get inflation down. That price is well worth paying.
My wife said she'd never heard me singing in the bath until last week.
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