Born in 1929, Jeremy grew up in Leicester. Having one's formative years in the Great Depression taught the young Jeremy the importance of frugality. Upon completing his A-levels, Atterbury enrolled at the LSE, in 1947, where he studied, and earned a degree in PPE. While at the LSE, he also started his first instance of political activism, founding the LSE Jacobite Club, aimed at promoting the restoration of the Stuart monarchy. Atterbury, a descendant of the very same Lord Atterbury who had been implicated by Sir Robert Walpole, as a Jacobite conspirator, was very much inspired by the stories of Jacobite uprisings. The club, at its height, boasted a total membership of 5.
Upon completing his degree, Atterbury accepted a position working for the chancellor's office. During the Korean war, he was posted overseas, to help advise the South Korean government on ways in which it could help modernize its economy. After the conclusion of the war, Atterbury returned to Britain and the civil service, where he worked for 25 more years. After retiring in 1978, Atterbury decided to enter the public service in a different fashion, with the plethora of difficulties facing Britain. He ran for election as a Liberal in the riding of Leicester West and won by a landslide. After Charlotte Egerton resigned from the party leadership in 1986, he was comfortably elected to the leadership of the party.