Nigel Lawson Biography

Birth of Nigel Lawson

Appointed Editor of the Spectator

Elected Member of Parliament

Helps produce the Medium Term Financial Strategy, set the course for both the monetary and fiscal sides of the new Governments economic policy

Appointed Financial Secretary to the Treasury

Helps produce the Medium Term Financial Strategy, set the course for both the monetary and fiscal sides of the new Governments economic policy

Sets the course for the later privatizations of the gas and electricity industries and on his return to the Treasury he worked closely with the Department of Trade and Industry in privatizing British Airways, British Telecom, and British Gas

Passes the Energy Act which introduces competition into the electricity industry

Prepares for a national coal strike over the closure of pits

Sets the course for the later privatizations of the gas and electricity industries and on his return to the Treasury he worked closely with the Department of Trade and Industry in privatizing British Airways, British Telecom, and British Gas

Appointed Member of Privy Council

Passes the Energy Act which introduces competition into the electricity industry

Lawson is promoted to the position of Secretary of State for Energy

Prepares for a national coal strike over the closure of pits

Announces proposals in the House of Commons to privatize British Gas. Announces proposals in the House of Commons to privatize BNOC

Unerwriting for the privatization of BNOC & British Gas is completed

The Bill to privatize British Gas & BNOC is published

After the election it is forecast that the PSBR will be overrun by œ3 billion

After the election it is forecast that the PSBR will be overrun by œ3 billion

Agrees on 1% reduction of the pay bill & 2% reduction in other cash limits. Allows Government departments to carry forward a proportion of annual underspend

Appointed Chancellor of the Exchequer

Decides to make cuts mid financial year because of the higher than expected PSBR

Decides to make cuts in mid financial year because of the higher than expected PSBR

Decides to sell mor British Petroleum shares due to the increase in PSBR

Agrees on 1% reduction of the pay bill & 2% reduction in other cash limits

The 1984 budget lowers corporate taxes by a combination of reduced rates and reduced allowances. Abolishes Investment Income Surcharge & National Insurance Surcharge

Nigel Lawson presents the 1984 Budget to the House of Commons as Chancellor of the Exchequer.

The 1984 Budget under Nigel Lawson sets out the Government's taxation, expenditure and borrowing plans.

Completes the privatization of British Telecom

The Government begins the public share sale transferring British Telecom into private ownership.

Raises personal income tax allowances well above inflation

Nigel Lawson presents the 1985 Budget to the House of Commons as Chancellor of the Exchequer.

The 1985 Budget under Nigel Lawson sets out the Government's taxation, expenditure and borrowing plans.

Lawsons budget continues the trend of shifting from direct to indirect taxes by reducing National Insurance contributions for the lower-paid while extending the base of value-added tax

Raises personal income tax allowances well above inflation

Raises personal income tax allowances well above inflation

The Trustee Savings Bank is sold. Lawsons budget continues the trend of shifting from direct to indirect taxes by reducing National Insurance contributions for the lower-paid while extending the base of value-added tax. Introduces a Bill to privatize the Trustee Savings Bank

The Fraud Investigation Group is set up for cases of financial & commercial fraud

The Trustee Savings Bank is sold

Cuts basic rate of income tax by 1 penny.

Introduces Personal Equity Plans to encourage personal investment.

Introduces a bold scheme to turn Britain into a nation of share-owners, the most generous package ever for charities and a series of tax changes targeted on average earners.

Resumes the reduction of the standard rate of personal Income Tax from the 30% rate to which it had been lowered in Sir Geoffrey Howes 1979 budget.

Nigel Lawson presents the 1986 Budget to the House of Commons as Chancellor of the Exchequer.

The 1986 Budget under Nigel Lawson sets out the Government's taxation, expenditure and borrowing plans.

Critics of Lawson say that a combination of the abandonment of monetarism, the adoption of a de facto exchange-rate target of 3 deutschmarks to the pound (ruling out interest-rate rises), and fiscal laxity unleash an inflationary spiral

Introduces a bold scheme to turn Britain into a nation of share-owners, the most generous package ever for charities and a series of tax changes targeted on average earners.

The trajectory taken by the UK economy from this point on is typically described as "The Lawson Boom". Resumes the reduction of the standard rate of personal Income Tax from the 30% rate to which it had been lowered in Sir Geoffrey Howes 1979 budget.

Resumes the reduction of the standard rate of personal Income Tax from the 30% rate to which it had been lowered in Sir Geoffrey Howes 1979 budget. Cuts basic rate of income tax by 1 penny

Critics of Lawson say that a combination of the abandonment of monetarism, the adoption of a de facto exchange-rate target of 3 deutschmarks to the pound (ruling out interest-rate rises), and fiscal laxity unleash an inflationary spiral

Introduces Personal Equity Plans to encourage personal investment

A 100% of British Gas is offerred for sale in December raising œ5.4 billion

Introduces Inheritance Tax which replaces the Capital Transfer Tax

London securities markets implement major reforms removing fixed commissions and traditional ownership restrictions.

British Gas shares begin trading after a large public privatisation offer.

Cuts two pence off the basic rate of income tax

Nigel Lawson presents the 1987 Budget to the House of Commons as Chancellor of the Exchequer.

The 1987 Budget under Nigel Lawson sets out the Government's taxation, expenditure and borrowing plans.

Although Britain had not joined the ERM, from early 1987 to March 1988 the Treasury followed a policy of shadowing the Deutsche Mark

Although Britain had not joined the ERM, from early 1987 to March 1988 the Treasury followed a policy of shadowing the Deutsche Mark

Cuts two pence off the basic rate of income tax

British Airways is sold for œ900 million in February

The Serious Fraud Office replaces the Fraud Investigation Group. The Serious Fraud Office is set up by the Criminal Justice Act

Announces in Parliament the BP flotation will go ahead despite the stock market crash

BP shares are sold on the stock exchange after a buy back scheme is introduced

Establishes a rate of income tax at 40% & a reduction of the basic rate of tax to 25%. Abolishes all higher rates of tax apart from the 40 per cent rate, and increased the main income tax personal allowances by double the rate of inflation

Nigel Lawson presents the 1988 Budget to the House of Commons as Chancellor of the Exchequer.

The 1988 Budget under Nigel Lawson sets out the Government's taxation, expenditure and borrowing plans.

Abolishes all higher rates of tax apart from the 40 per cent rate, and increased the main income tax personal allowances by double the rate of inflation

Establishes a rate of income tax at 40% & a reduction of the basic rate of tax to 25%. Abolishes all higher rates of tax apart from the 40 per cent rate, and increased the main income tax personal allowances by double the rate of inflation

Abolishes all higher rates of tax apart from the 40 per cent rate, and increased the main income tax personal allowances by double the rate of inflation

Inheritance Tax is reformed giving a single flat rate of 40%

Nigel Lawson presents the 1989 Budget to the House of Commons as Chancellor of the Exchequer.

The 1989 Budget under Nigel Lawson sets out the Government's taxation, expenditure and borrowing plans.

There is a clash between Lawson and Alan Walters when the latter claims the ERM is "half baked", Lawson resigns and is replaced by John Major

Matters come to a head in a clash between Lawson and Thatchers economic adviser Alan Walters, when Walters claims that the European Exchange Rate Mechanism (ERM) is "half baked", Lawson resigns as Chancellor to be replaced by John Major

10 regional water companies are "floated on the stock exchange in November

Matters come to a head in a clash between Lawson and Thatchers economic adviser Alan Walters, when Walters claims that the European Exchange Rate Mechanism (ERM) is "half baked", Lawson resigns as Chancellor to be replaced by John Major

Lawson & Howe force Thatcher into joining the ERM

Interest rates rise to 15%

Resigns as Chancellor of the Exchequer

Inflation rose to 5 per cent in 1998, and to 8 per cent in 1989 and 10 per cent in 1990

Inflation rose to 5 per cent in 1998, and to 8 per cent in 1989 and 10 per cent in 1990