Parliamentary Career
In parliament Michael Fallon was appointed as the Parliamentary Private Secretary to the Secretary of State for Energy Cecil Parkinson following the 1987 General Election, and in 1988 joined the government of Margaret Thatcher as an Assistant Whip, becoming a Lord Commissioner to the Treasury in 1990.
Mrs Thatcher appointed him the Parliamentary Under Secretary of State at the Department for Education and Science in July 1990 a position he continued to hold under the new premiership of John Major He held the position until his defeat at the 1992 General Election.
Between 1992-1997, he set up a chain of children’s nurseries called 'Just Learning' with funding from Dragons' Den (UK) star Duncan Bannatyne, then he remained chief executive.
Following his re-election at the 1997 General Election he was an Opposition spokesman on Trade and Industry and then Shadow Financial Secretary to the Treasury, but he resigned from the front-bench through ill-health in October 1998, and has remained on the backbenches until his promotion to Deputy Chairman of the Party.
Since 1999 he has been a member of the Treasury Select Committee, and was chairman of its Sub-Committee from 2001-2010. He also served on the 1922 Committee Executive from 2005-2007.
Mr Fallon is also a director at Tullett Prebon, a leading brokerage firm in the City of London. He is paid around £350 an hour for his work (which works out as around £6500 every three months) but he is expected to resign from the post due to new commitments as Minister of State for Business and Enterprise. In September 2012, it was announced that he was to be made a member of the Privy Council of the United Kingdom.
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