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Margaret Thatcher’s Former Chancellor Nigel Lawson Dies at 91



Former Prime Minister Margaret Thatcher’s Chancellor, Lord Nigel Lawson, has died at the age of 91.

The former Conservative MP—whose political career lasted almost five decades—passed away on Monday.

Leading the many tributes to the Tory “giant” was Prime Minister Rishi Sunak, who said he hung a picture of Lawson on his wall during his own time as chancellor of the Exchequer.

“He was a transformational chancellor and an inspiration to me and many others,” Sunak wrote on Twitter on Tuesday.
“My thoughts are with his family and friends at this time.”

Former Prime Minister Boris Johnson also paid tribute, describing Lawson as “a fearless and original flame of free market Conservatism.”

“He was a tax-cutter and simplifier who helped transform the economic landscape and helped millions of British people achieve their dreams,” Johnson said on Tuesday.

“He was a prophet of Brexit and a lover of continental Europe.

“He was a giant. My thoughts and prayers are with his family.”

Lawson represented the constituency of Blaby from 1974 to 1992, and served in Margaret Thatcher’s Cabinet from 1981 to 1989.

Best known for his role as chancellor, he retired from the House of Lords in December, ending a parliamentary career that spanned 50 years.

‘Lawson Boom’

Prior to taking up politics, Lawson was a financial journalist.

According to his parliamentary profile, he worked for various publications including the Financial Times, The Sunday Telegraph and The Spectator, where he served as editor from 1966 to 1970.

Lawson also acted as special assistant to Prime Minister Sir Alec Douglas-Horne from 1963 to 1964, and became a special policy adviser for the Conservative Party in 1973.

He would go on to be one of most renowned members of Thatcher’s cabinets.

The controversial Tory prime minister, who died in 2013, put Lawson in charge of the Treasury in 1983, where he was responsible for slashing income tax, boosting share ownership, and paying off growing government debt.

He was credited for modernising London’s financial markets, overseeing the UK finance sector’s “Big Bang” in 1986, when the UK stock market was deregulated.

The radical move revitalized the London Stock Exchange making it a private limited company, allowing external corporations to enter its member firms, and an automated price quotation was established.

Lawson’s tax-cutting moves helped turn a budget deficit into a surplus, halved unemployment, and curbed inflation, leading to his stewardship era being coined the “Lawson Boom.”

His work on the economy was credited for winning Thatcher a third term in office.

However, harder times followed for Britain, with soaring inflation and sky-rocketing interest rates which rose from 7 to 15 percent in just 16 months.

Lawson’s resignation in 1989, sparked by rows over Europe and economic policy, marked the early stages of Thatcher’s downfall a year later.

The Tory politician chaired the Vote Leave campaign ahead of the 2016 EU referendum but faced allegations of hypocrisy after applying for a French residency card.

He also faced criticism for not believing in man-made climate change.

Margaret Thatcher’s Former Chancellor Nigel Lawson Dies at 91