It usually comes back to inflation. Study any period of British history from 1945 onwards, and there’s a good chance you’ll spot ministers making strange and sometimes desperate decisions in the name of taming – or often to avoid taming – rapidly rising prices.
Nigel Lawson’s time at the top was no exception. Lawson, who has died aged 91, was chancellor from 1983 until 1989. He was known for the deregulation of the City of London (the ‘big bang’) as well as his shock resignation (incredible behind-the-scenes BBC footage here), which in retrospect did almost as much to destabilise Margaret Thatcher’s government as Geoffrey Howe’s departure one year later.
