Nigel Lawson: Reforming chancellor dies aged 91

Former Conservative chancellor Nigel Lawson has died at the age of 91.

Chancellor during the 1980s, Lord Lawson held several cabinet posts under Margaret Thatcher and served as Conservative MP for Blaby from 1974 to 1992.

PM Rishi Sunak called Lord Lawson a "transformational chancellor and an inspiration to me and many others".

Lord Lawson is survived by six children, including Nigella Lawson, a food writer and celebrity cook.

The prime minister posted a picture of himself as chancellor with the caption: "One of the first things I did as chancellor was hang a picture of Nigel Lawson above my desk."

Former prime minister Boris Johnson also paid tribute to Lord Lawson, calling him "a fearless and original flame of free market Conservatism".

In a series of tweets, Mr Johnson praised him as "a tax-cutter and simplifier who helped transform the economic landscape and helped millions of British people achieve their dreams".

He was also "a prophet of Brexit and a lover of continental Europe," he said.

Liz Truss said Nigel Lawson was a "true giant of 20th century politics who as chancellor famously sought to abolish at least one tax at every Budget".

"His time at the helm of the Treasury was transformational," she said.

The Telegraph first reported his death and his family are yet to comment.

Before entering politics, Nigel Lawson was a successful financial journalist - and continued publishing regular articles in the Telegraph and Spectator until as recently as November last year.

He would go on to be one of the "big beasts" of Margaret Thatcher's cabinet.

Mrs Thatcher put him in charge of the Treasury in 1983, where he cut income tax, boosted share ownership, and paid off government debt.

As chancellor he modernised London's financial markets, overseeing the UK financial sector's Big Bang, where deregulation of stock exchange membership and embracing electronic trading helped to establish London as a major global financial centre.

The resulting economic growth was eventually named the Lawson Boom, after the chancellor the championed these changes.

His stewardship of the economy was credited with helping Mrs Thatcher win a third term.

But lower taxes together with cheaper borrowing fuelled an unsustainable boom. Interest rates rose sharply and Britain went into recession.

During his tenure Mrs Thatcher called Nigel Lawson "unassailable", but he resigned in 1989, after falling out with her over Europe.

He stepped down as an MP at the 1992 election before entering the House of Lords as Lord Lawson of Blaby.

Lord Lawson used his platform to express scepticism of man-made climate change - and in 2016 became the chairman of Vote Leave - the group which led the campaign for the UK's exit from the European Union.

Lord Lawson described Brexit as a "historic opportunity" to finish the job Mrs Thatcher had started.

In December 2022 he retired from the House of Lords.