After several years working as a development economist in underdeveloped countries, he specialised in the energy industries becoming a Partner of a leading City firm. Elected to Parliament in 1983, he became a Treasury Minister in 1987, joined Mrs Thatcher’s cabinet as Secretary of State for Trade and Industry and subsequently became Secretary of State for Social Security under John Major where he launched a radical programme successfully to curb its £100 billion budget. He was Shadow chancellor, then Deputy Leader of the Conservative Party responsible for policy renewal until 2000. Author of works on many topical issues he was appointed Chair of the Globalisation and Global Poverty Commission by David Cameron and chaired the Committee of Both Houses on Financial Services Legislation after the banking crisis. A member of the Select Committees on Energy and Climate Change and then on Exiting the European Union. He was Co-Chair of the Uzbek British Trade and Industry Council until 2014. He left the Commons in 2017 and became a member of the House of Lords in 2018.
Founding Member and Patron