Nigel Lawson Biography and Timeline — Page 2

Budget

After becoming Chancellor, Lawson supports in-year spending reductions in response to concern that public-sector borrowing will exceed the Government's plans.

Role range: 1979-1990 – 1983-1989

Election

After the 1983 general election, the Treasury confronts forecasts that the public-sector borrowing requirement could substantially exceed earlier plans.

Role range: 1979-1990 – 1983-1989

Public Expenditure

Lawson supports in-year reductions in public expenditure after forecasts indicate that public-sector borrowing could exceed the Government's plans.

Role range: 1979-1990 – 1983-1989

Public Expenditure

Lawson supports tighter departmental cash limits while allowing departments to carry forward a proportion of annual underspending.

Role range: 1979-1990 – 1983-1989

Public Expenditure

Treasury forecasts after the 1983 election indicate that the public-sector borrowing requirement could significantly exceed the level previously planned.

Role range: 1979-1990 – 1983-1989

British Telecom Privatisation

The Government publishes the British Telecom share offer in November 1984 as part of the flotation that transfers a majority stake in the company to private ownership.

Role range: 1983-1989

Privatization

British Telecom shares begin trading on 3 December 1984, completing the first major flotation of the company's shares into private ownership.

Role range: 1979-1990 – 1983-1989

Budget Policy

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

Role range: 1983-1989

Budget

The 1984 Budget reduces corporation tax rates while phasing out capital allowances and abolishes both the Investment Income Surcharge and the National Insurance Surcharge.

Role range: 1979-1990 – 1983-1989

Budget

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

Role range: 1983-1989

FIG

A Fraud Investigation Group is established to strengthen the investigation of serious financial and commercial fraud.

Role range: 1979-1990 – 1983-1989

Budget Policy

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

Role range: 1983-1989

Budget

The 1985 Budget raises personal income-tax allowances by more than the prevailing rate of inflation.

Role range: 1979-1990 – 1983-1989

Budget

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

Role range: 1983-1989

Economy of Great Britain

Lawson's 1985 Budget reduces National Insurance contributions for lower-paid workers while broadening the value-added tax base, continuing a shift away from direct taxation.

Role range: 1979-1990 – 1983-1989

Income Tax

The 1985 Budget raises personal income-tax allowances by more than the prevailing rate of inflation.

Role range: 1979-1990 – 1983-1989

Inflation

Lawson raises personal income-tax allowances above inflation as part of the Government's tax policy in 1985.

Role range: 1979-1990 – 1983-1989

Big Bang

London securities markets implement the Big Bang reforms on 27 October 1986, abolishing fixed commissions and changing traditional Stock Exchange ownership and dealing practices.

Role range: 1983-1989

British Gas Privatisation

British Gas shares begin trading on 8 December 1986 following the Government's large public privatisation offer.

Role range: 1983-1989

Budget Policy

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

Role range: 1983-1989

Budget

Lawson continues the reduction of the standard rate of personal income tax, building on the cut introduced in Geoffrey Howe's 1979 Budget.

Role range: 1979-1990 – 1983-1989

Budget

The 1986 Budget combines measures to widen individual share ownership, increase support for charities and alter personal taxation.

Role range: 1979-1990 – 1983-1989

Budget

The 1986 Budget cuts the basic rate of income tax by one percentage point.

Role range: 1979-1990 – 1983-1989

Budget

The 1986 Budget introduces Personal Equity Plans to encourage individuals to invest in shares.

Role range: 1979-1990 – 1983-1989

Budget

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

Role range: 1983-1989

Economy of Great Britain

Critics later argue that exchange-rate targeting, monetary conditions and fiscal policy during the Lawson boom contributed to rising inflationary pressure.

Role range: 1979-1990 – 1983-1989

Economy of Great Britain

Lawson promotes wider personal share ownership and introduces tax measures intended to encourage investment and support charities.

Role range: 1979-1990 – 1983-1989

Economy of Great Britain

The strong expansion of the British economy during the later 1980s becomes widely known as the Lawson Boom and is accompanied by further reductions in personal income-tax rates.

Role range: 1979-1990 – 1983-1989

Income Tax

The 1986 Budget cuts the basic rate of income tax by one percentage point as part of Lawson's continuing programme of personal tax reductions.

Role range: 1979-1990 – 1983-1989

Inflation

Critics later associate the policy mix of the late 1980s with increasing inflationary pressure during the Lawson boom.

Role range: 1979-1990 – 1983-1989

PEPs

The 1986 Budget introduces Personal Equity Plans to encourage personal investment in shares.

Role range: 1979-1990 – 1983-1989

Privatization

The Government sells British Gas through a major public share offer in 1986, raising several billion pounds and transferring the company into private ownership.

Role range: 1979-1990 – 1983-1989

Privatization

The TSB Group is reorganised and floated in 1986 following the enabling legislation passed in 1985, with the flotation arranged by the TSB and its financial advisers.

Role range: 1979-1990 – 1983-1989

Privatization

The Trustee Savings Bank group proceeds toward public flotation in 1986 after restructuring under the Trustee Savings Banks Act 1985.

Role range: 1979-1990 – 1983-1989

Reform of Taxation

The 1986 Budget replaces Capital Transfer Tax with Inheritance Tax.

Role range: 1979-1990 – 1983-1989

Blaby Re-election 1987

Wins re-election as Conservative Member of Parliament for Blaby at the 1987 general election and continues serving as Chancellor of the Exchequer.

Privatization

On 29 October 1987 Lawson announces in the House of Commons that the BP share offer will proceed despite the recent stock-market crash.

Role range: 1979-1990 – 1983-1989

Budget Policy

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

Role range: 1983-1989

Budget

The 1987 Budget cuts two percentage points from the basic rate of income tax.

Role range: 1979-1990 – 1983-1989

Budget

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

Role range: 1983-1989