Nigel Lawson Biography and Timeline — Page 3

Economy of Great Britain

From early 1987 until March 1988, the Treasury informally shadows the Deutsche Mark even though the United Kingdom is not a member of the European Exchange Rate Mechanism.

Role range: 1979-1990

European Exchange Rate Mechanism (ERM)

Lawson supports a policy of informally shadowing the Deutsche Mark from early 1987 until March 1988 while Britain remains outside the European Exchange Rate Mechanism.

Role range: 1979-1990

Income Tax

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

Role range: 1979-1990 – 1983-1989

Privatization

British Airways is privatised in February 1987 through a public share sale that transfers the airline into private ownership.

Role range: 1979-1990 – 1983-1989

Privatization

The Government proceeds with the 1987 BP share issue after Lawson decides that the offer should continue despite severe stock-market turbulence.

Role range: 1979-1990 – 1983-1989

Budget Policy

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

Role range: 1983-1989

Budget

The 1988 Budget reduces the basic rate of income tax to 25 percent and replaces the previous higher-rate structure with a single 40 percent higher rate while substantially increasing personal allowances.

Role range: 1979-1990 – 1983-1989

Budget

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

Role range: 1983-1989

Economy of Great Britain

The 1988 Budget abolishes the previous multiple higher rates of income tax, retains a single 40 percent higher rate and raises the principal personal allowances substantially.

Role range: 1979-1990 – 1983-1989

Income Tax

The 1988 Budget reduces the basic rate of income tax to 25 percent and establishes a single 40 percent higher rate.

Role range: 1979-1990 – 1983-1989

Inflation

The 1988 Budget's large reductions in income-tax rates form part of the fiscal policy later debated in connection with inflationary pressures during the Lawson boom.

Role range: 1979-1990 – 1983-1989

Reform of Taxation

Inheritance Tax is reformed so that transfers above the threshold are generally charged at a single 40 percent rate.

Role range: 1979-1990 – 1983-1989

SFO

The Serious Fraud Office is established in 1988 under powers created by the Criminal Justice Act 1987 to investigate and prosecute serious or complex fraud.

Role range: 1979-1990 – 1983-1989

Conference of Madrid

At the Madrid European Council in June 1989, debate continues within the British Government over the conditions for eventual ERM membership; the United Kingdom does not join the mechanism until October 1990.

Role range: 1979-1990 – 1983-1989

Economy of Great Britain

Official interest rates rise to 15 percent in October 1989 as the Government attempts to restrain inflationary pressure.

Role range: 1979-1990 – 1983-1989

Resignation of Nigel Lawson

Nigel Lawson resigns as Chancellor of the Exchequer in October 1989 after more than six years in the post.

Role range: 1979-1990 – 1983-1989

Budget Policy

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

Role range: 1983-1989

Budget

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

Role range: 1983-1989

Economy of Great Britain

Conflict over economic policy intensifies between Lawson and Margaret Thatcher's adviser Alan Walters, contributing to Lawson's resignation as Chancellor and his replacement by John Major.

Role range: 1979-1990 – 1983-1989

European Exchange Rate Mechanism (ERM)

Disagreement over the European Exchange Rate Mechanism and the influence of Alan Walters contributes to Lawson's resignation as Chancellor in October 1989.

Role range: 1979-1990 – 1983-1989

Privatization

The privatisation programme pursued during Lawson's chancellorship is followed by the flotation of the ten regional water companies in November 1989, shortly after he leaves the Treasury.

Role range: 1979-1990 – 1983-1989

Resignation of Nigel Lawson

Lawson resigns as Chancellor after prolonged disagreement over economic policy and the role of Margaret Thatcher's adviser Alan Walters, and John Major succeeds him.

Role range: 1979-1990 – 1983-1989

Central Europe Trust Chairmanship

Becomes chairman of Central Europe Trust Company Limited after leaving frontline government and remains associated with the company for many years.

Barclays Bank Directorship

Joins the board of Barclays Bank as a director after leaving the Treasury and serves in that role during the 1990s.

Economy of Great Britain

Inflation rises sharply during the late 1980s, with annual all-items RPI inflation averaging about 4.9 percent in 1988, 7.8 percent in 1989 and 9.5 percent in 1990.

Role range: 1979-1990 – 1983-1989

Inflation

Annual all-items RPI inflation accelerates from about 4.9 percent in 1988 to 7.8 percent in 1989 and 9.5 percent in 1990.

Role range: 1979-1990 – 1983-1989

House of Commons Service Ends

Ends his service in the House of Commons after representing Blaby continuously from February 1974 through the 1992 general election.

House of Lords Membership Begins

Enters the House of Lords as Lord Lawson of Blaby and continues his parliamentary career as a Conservative life peer.

The View from No. 11 Publication

Publishes The View from No. 11, his account of his years at the Treasury and his interpretation of economic policy during the Thatcher governments.

British Institute of Energy Economics Presidency

Becomes president of the British Institute of Energy Economics and remains associated with debate on energy policy and energy markets.

Nigel Lawson Diet Book Publication

Publishes The Nigel Lawson Diet Book after substantial personal weight loss and describes the approach he used to change his diet.

Barclays Bank Directorship Ends

Ends his recorded period as a director of Barclays Bank after serving on the bank's board through much of the 1990s.

Westminster School Governing Body

Begins service as a member of the governing body of Westminster School while continuing his work in public and parliamentary life.

British Institute of Energy Economics Presidency Ends

Completes his recorded term as president of the British Institute of Energy Economics after several years of involvement with energy policy discussion.

House of Lords Economic Affairs Committee

Begins a term on the House of Lords Economic Affairs Committee and contributes to parliamentary examination of economic and financial policy.

Westminster School Governing Service Ends

Completes his recorded period of service on the governing body of Westminster School.

Oxford Investment Partners Chairmanship

Becomes chairman of Oxford Investment Partners and serves in that position during a period of continued involvement in business and investment affairs.

Economic Affairs Committee Term Ends

Completes his first recorded term on the House of Lords Economic Affairs Committee after four years of committee service.

Barnett Formula Committee Membership

Joins the House of Lords Barnett Formula Committee examining the system used to determine aspects of public expenditure allocations across the United Kingdom.

An Appeal to Reason Publication

Publishes An Appeal to Reason, setting out his arguments on climate change policy, economic costs and the appropriate scale of government intervention.