THE former chancellor of the exchequer, Norman Lamont, was in the hometown of his childhood hero Nat Lofthouse to speak about “Britain and the EU — the future of a troubled relationship”.

The Rt Hon Lord Lamont of Lerwick delivered the second in a series of high profile annual lectures at the University of Bolton’s Centre for Islamic Finance of which he sits on the board of directors which attracted people from across the country.

He said: “I am in the home of my childhood hero Nat Lofthouse.

“I am delighted to be here at the University of Bolton of which I have heard great things, it is expanding moving forward and intimately connected with regeneration of the town.”

With Europe experiencing social unrest and dissatisfaction with Europe — he spoke about the proposed forthcoming referendum based on Britain’s re-negotiation of its terms to stay in the European Union.

Lord Lamont said he was surprised “social unrest” had not erupted sooner as he spoke about the expansion of the European Union from its beginnings as a Common Market to the Single European Act which he said Margaret Thatcher believed she had been misled by it.

Lord Lamont said: “Or perhaps the Single European Act was misused, it became a Trojan Horse.”

He added that the UK fishing industry was destroyed by it and how policies were forced through “against interest of some countries” with the fishing industry in the UK destroyed by it.

Lord Lamont said he could not see how a single currency was workable, causing a division between North and South Europe — which had different economic interests, given the difference in unemployment rates.

Lord Lamont, a friend of the finance minister of the newly elected Greek government Syriza said: “We are seeing social unrest.

“The Euro is about making Greece in Germany.

“What has surprised me is why it has taken so long to erupt.”

He added: “One has to remember that the Euro is the relationship between France and Germany.

“It was created after the fall of the Berlin Wall.

“It was designed to bind the countries together. The motive behind the Euro was an honourable one, it was about peace in Europe, I regard the logic as faulty.

“The Euro signified modernity, putting the past behind. It was a political ideal rather than a economic idea.”

He said that a compromise could be reached without Greece withdrawing from the Euro .

On the topic of foreign investment and trade, Lord Lamont pointed to companies which said they would leave if Britain did not join up to the single currency — and trade happens because there is customers not because there is a European Union.

Lord Lamont concluded: “The re-negotiation of membership terms and the 2017 referendum will be a major political event.

“I have not come here to say we should leave it, I will not make my decision until I have seen what happens in 2017.”