He was Conservative MP for Nelson and Colne from 1979 to 1983, and then for Pendle from June 1983 until he lost his seat in April 1992 to Gordon Prentice from Labour.

He was previously chairman of the Christie NHS Foundation Trust, Museum of Science and Industry in Manchester and the council of the National Youth Agency.

[6] He vowed to resign in February 2012 in protest at the House of Lords Reform Bill making its way into the Queen's Speech.

[7] Since January 2021, he has served on the House of Lords Finance Committee He released his "financial autobiography" in December 2013 – How to Make a Million – Slowly: Guiding Principles From a Lifetime Investing.

[8] He has also published his pictorial autobiography, entitled Portfolio Man, and in 2019 published a guide for young people on investing in the stock market, entitled Yummi Yoghurt, which tells the story of a fictional family company that joins the stock market.