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.
‘Lawson Boom’
Prior to taking up politics, Lawson was a financial journalist.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.
Climate Controversy
Lawson’s sudden retirement from politics was announced in January.Informing Westminster peers that Lawson had officially stepped down on Dec. 31, 2023, Deputy Speaker Baroness Fookes said, “On behalf of the House, I thank him for his much-valued service.”
Warning of a “rift” with the public, the veteran politician highlighted the danger of “an ugly situation” developing.
The Brexiteer has previously faced claims of hypocrisy after revealing to an English-speaking French newspaper that he was applying for a French residency card.
The former UK chancellor, who had been living in the southwest of France for several years, said he considered the extra paperwork to be among certain “tiresome rather than serious” impacts that Brexit may have on expats like himself.
He also told the “Today” programme in August 2017 that the U.N.’s Intergovernmental Panel on Climate Change had confirmed there had not been an increase in extreme weather events for the last 10 years.
This view was not challenged on air by presenter Justin Webb, which Ofcom said breached broadcasting rules.
Cross-Party Tributes
As tributes continued to Lawson on Tuesday, his family, including daughter Nigella—a celebrity food writer and cook—had yet to make a public statement on his death.Current Chancellor Jeremy Hunt described the Conservative grandee as a “a rarity amongst politicians.”
“Since he stepped down as Chancellor his shoes have been impossible to fill but he inspired all his successors, leaving the country more prosperous & enterprising,” Hunt wrote on Twitter on Tuesday.
Foreign Secretary James Cleverly labelled him a “true statesman,” while Sajid Javid paid tribute to “one of Britain’s greatest public servants.”
Former Chancellor George Osborne described his predecessor as “The Tory radical.”
Osborne wrote on Twitter: “Nigel Lawson once called me to ask if he could use No11 for his 80th birthday party. I said ‘of course, but No10 could fit more guests’.
“He replied ‘absolutely not’. Every Tory chancellor since him has asked ‘am I being as bold as Lawson’ and answered ‘no’. He was The Tory radical.”
Deputy Prime Minister Dominic Raab also wrote on Twitter: “Saddened to learn of the passing of Nigel Lawson.
“He was a giant who changed the political weather, a lodestar for Conservatives, and a kind man always generous with his wisdom.
“My thoughts and prayers are with his family.”
Former Prime Minister Sir John Major described him as “one of the essential pillars” of the 1980s Conservative government.
Major said: “Nigel Lawson was a commanding chancellor and, together with Geoffrey Howe, one of the essential pillars of the 1980s Conservative government.
“His influence was respected well after he left government, and he will be long remembered.”
The tributes also crossed the political divide, with Labour leader Sir Keir Starmer saying the “outpouring” of respect for Lawson is “truly fitting.”
Speaking to broadcasters during a visit to Burnley College, Starmer said, “Nigel Lawson was a real powerhouse.
“And it was possible, quite rightly, for people to disagree profoundly with what he said but have a huge respect for him.
“And I think you’ve seen an outpouring of that respect across the political parties today. And I think that is truly fitting of Nigel Lawson.”
