Tributes to former Conservative chancellor Nigel Lawson following death at 91

Prime Minister Rishi Sunak has led tributes to former Conservative chancellor Nigel Lawson, who has died at the age of 91.

Nigel Lawson, former Chancellor of the Exchequer, with his wife Thérèse outside 11 Downing Street in London on Budget Day, 17th March 1987. (Photo by Fox Photos/Hulton Archive/Getty Images)

Mr Lawson served in a number of cabinet roles in Margaret Thatcher’s government and presided over the economic boom of the 1980s. He was the MP for the Blaby constituency from 1974 to 1992.

Mr Sunak described Mr Lawson as an “inspiration” and revealed he once had a picture of the former chancellor hanging above his desk.

He said: “One of the first things I did as Chancellor was hang a picture of Nigel Lawson above my desk.

Former Conservative chancellor Nigel Lawson has died aged 91. PIC: Getty/Dan Kitwood.

“He was a transformational chancellor and an inspiration to me and many others.

“My thoughts are with his family and friends at this time.”

Deputy Prime Minister Dominic Raab said Nigel Lawson was a “giant who changed the political weather”.

He tweeted: “Saddened to learn of the passing of Nigel Lawson.

“He was a giant who changed the political weather, a lodestar for Conservatives, and a kind man always generous with his wisdom.

“My thoughts and prayers are with his family.”

Former Prime Minister Boris Johnson described Mr Lawson as a “fearless and original flame of free market Conservatism.”

He added: “He was a tax-cutter and simplifier who helped transform the economic landscape and helped millions of British people achieve their dreams.

“He was a prophet of Brexit and a lover of continental Europe. He was a giant. My thoughts and prayers are with his family.”

The former chancellor was named as chairman of the Vote Leave campaign group in 2016 ahead of the Brexit vote.

Born in 1932 into a non-orthodox Jewish family in Hampstead, north London, Mr Lawson was the son of a wealthy commodity broker.

He began his career as a journalist, working for the Financial Times and the Sunday Telegraph before becoming editor of the Spectator in 1966.

His six children included the celebrity chef Nigella Lawson and the writer Dominic Lawson.

Former chancellor Sajid Javid described Mr Lawson as “one of Britain’s greatest public servants”.

Meanwhile, Foreign Secretary James Cleverly said on Twitter: “Sad news that Nigel Lawson has died.

“A true statesman. His contributions to this nation will not be forgotten.”

On becoming chancellor in 1983, Mr Lawson set out to reduce taxation and encourage growth. During his period in office, the basic rate of income tax was lowered to 25% while the top rate came down from 60% to 40%.

By the time he left office in 1989, the country's budget was in surplus. Unemployment continued to fall under his tenure but inflation began to rise given his failure to keep a grip on interest rates.

He later conceded that the 1986 deregulation of London's financial markets paved the way for the global financial crisis of 2007 by loosening the restrictions on the ability of banks to lend.