Forsyth campaigned against the Scottish Parliament having the power to vary the basic rate of income tax by up to three pence in the pound, which he dubbed the "Tartan Tax". Forsyth's persistence was widely credited with prompting the Labour Party's unexpected decision – bitterly criticised by the Liberal Democrats and the Scottish National Party – to separate out the tax-varying issue in a two-question referendum on devolution. In 2009–10 he was a member of the Sanderson Commission that reported on Conservative Party organisation, and in 2010–11 a member of the independent Philips inquiry into the 1994 Scotland RAF Chinook crash on the Mull of Kintyre, established by the Secretary of State for Defence. In 2011, Forsyth criticised the plans of Conservative MSP Murdo Fraser to disband the Scottish Conservatives and establish a wholly new centre-right party, should he win the forthcoming leadership election. Forsyth later declared his backing for a rival candidate, Ruth Davidson.
House of Lords
Forsyth was nominated to the Privy Council in 1995, was knighted in 1997 and was raised to the peerage as Baron Forsyth of Drumlean, of Drumlean in Stirling on 14 July 1999. Following his elevation to the Lords, he has held a number of positions. He was a member of the Commission on Strengthening Parliament, the Select Committee on the Monetary Policy Committee of the Bank of England, the Joint Committee of both Houses of Parliament on Reform of the House of Lords, and the Select Committee on the Barnett Formula. From October 2005 to October 2006, he was Chairman of the Conservative Party's Tax Reform Commission, established by then Shadow Chancellor of the Exchequer, George Osborne MP. He served as a member of the House of Lords select committee on Economic Affairs from 2007 to 2011. He has also been a member of the joint committee on National Security Strategy and a member of the special select committee on soft power. He was appointed for a second term to the House of Lords' Economic Affairs Committee in 2015 and as its chairman following the election in 2017.
Business career
After leaving the House of Commons Forsyth has undertaken posts in the City of London. He joined Flemings as a director of Corporate Finance and, following the bank's sale to JPMorgan Chase he became vice-chairman Investment Banking Europe at JPMorgan and then Deputy Chairman of JPMorgan. He joined Evercore Partners International LLP, an investment bank, in 2005 – leaving his post as deputy chairman in March 2012. He was a director of NBNK Investments PLC, and a director and Chairman of Hyperion Insurance Group until its merger with RKH Group in 2015. He is currently Chairman of Secure Trust Bank, and a Director of J&J Denholm Ltd and of Denholm Logistics Ltd. In addition he is Chairman of Safor Ltd.
Philanthropy and personal life
Forsyth married Susan Clough in Cumbria in 1977 and they have three grown-up children. He is the founder of the Pimlico Tree and Preservation Trust, now the Westminster Tree Trust. In 2010 he climbed the highest mountain in Antarctica, Mount Vinson, in support of CINI and Marie Curie Cancer Care, having previously climbed Mount Aconcagua and Mount Kilimanjaro, the highest mountains in the Americas and Africa respectively. His charity fund-raising achievements are substantial and include £220,000 for DebRA for climbing Mount Kilimanjaro, £420,000 for CINI and Marie Curie Cancer Care for climbing Mount Vinson, and £500,000 to support the families of victims of 9/11 through organising a dinner in the City of London.
