Post by tiptoes on Apr 24, 2023 18:02:23 GMT
www.dailymail.co.uk/columnists/article-12005291/DOMINIC-LAWSON-weekend-buried-father-sea.html
Does his journalist son Dominic overvenerate his late father! Usually I like Dominic's columns and he's a keen cricket fan who lives in E Sx. But now he gives an account of his Dad's National Service in the Navy. Well my Dad who's 91 also became a commissioned officer in the RAF rising to the rank of Pilot Officer, but like Nigel the fact he was public school educated and had trained as a Chartered Accountant probably did him no harm.
But whereas my parents marriage lasted 65 years until Mum's death last month, Lawson was divorced twice. However it was his record as Chancellor that really blotted his copy book for which he has never apologised nor has his son acknowledged.
Back in the mid 80s because Thatcher rightly vetoed his desire to hand over interest rate policy to BofE, Lawson decided to peg the £ to the German DM. Thus exchange rates now determined interest rates changing the previous economic dynamic of interest rates determining exchange rates. This meant monetary policy was loosened leading to the economy overheating and inflation getting out of control. The only remedy was to raise interest rates to 15% before entering the ERM where we couldn't lower interest rates below 10% without falling outside the bandwidth of the Deuchmark. Thatcher was right to put her faith in her Economics guru, Alan Walters, who said the ERM was doomed, but she was ultimately defeated. The deep rooted recession that followed in 1990-2 after Lawson had departed was down to his policies and it wasn't until we crashed out and the £ was allowed to float that we slowly recovered under the excellent stewardship of Ken Clarke.
Does his journalist son Dominic overvenerate his late father! Usually I like Dominic's columns and he's a keen cricket fan who lives in E Sx. But now he gives an account of his Dad's National Service in the Navy. Well my Dad who's 91 also became a commissioned officer in the RAF rising to the rank of Pilot Officer, but like Nigel the fact he was public school educated and had trained as a Chartered Accountant probably did him no harm.
But whereas my parents marriage lasted 65 years until Mum's death last month, Lawson was divorced twice. However it was his record as Chancellor that really blotted his copy book for which he has never apologised nor has his son acknowledged.
Back in the mid 80s because Thatcher rightly vetoed his desire to hand over interest rate policy to BofE, Lawson decided to peg the £ to the German DM. Thus exchange rates now determined interest rates changing the previous economic dynamic of interest rates determining exchange rates. This meant monetary policy was loosened leading to the economy overheating and inflation getting out of control. The only remedy was to raise interest rates to 15% before entering the ERM where we couldn't lower interest rates below 10% without falling outside the bandwidth of the Deuchmark. Thatcher was right to put her faith in her Economics guru, Alan Walters, who said the ERM was doomed, but she was ultimately defeated. The deep rooted recession that followed in 1990-2 after Lawson had departed was down to his policies and it wasn't until we crashed out and the £ was allowed to float that we slowly recovered under the excellent stewardship of Ken Clarke.