[2] Hodgson ran as a Conservative in both the February and October 1974 general elections, in which he unsuccessfully contested the strongly Labour seat of Walsall North.

However, in a 1976 by-election caused by incumbent John Stonehouse's imprisonment, Hodgson managed to overturn the large Labour majority to become the seat's Member of Parliament.

He co-founded the private equity and investment banking specialist group Granville in 1979, and spearheaded its growth as chief executive and then chairman.

Lord Hodgson played a role in developing the new regulatory structure of the City, including 10 years as a director of the Securities and Futures Authority.

Lord Hodgson holds a number of other non-executive directorships, is an active private investor and is Chairman of Nova’s Investment Committee.