Ryedale
Balfour stood down at the 1984 European Parliament election. He had been appointed Chairman of the York Trust Ltd in 1983, which later became York Mount Group. However, he did not give up Parliamentary ambitions. John Spence, the Conservative MP for Ryedale (part of his former European Parliament constituency), died in 1986, and Balfour was selected to defend the seat in a by-election.
The by-election took place at a time when the Conservatives were unpopular and the Liberals nominated a popular local teacher, Elizabeth Shields. On polling day, Shields won the seat comfortably. Balfour returned to merchant banking, and from 1991 was Chairman of Mermaid Overseas Ltd. In 1999 he became involved with the emerging Polish market as a Director of Mostostal Warszawa SA, serving as Chief Executive Officer from 2000 to 2002.
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