Lawson's luck lasts. (Nigel Lawson)
Economist (US), The, December, 1988
IT WAS meant to be Nigel's last stand. The chancellor of the exchequer, Mr Nigel Lawson, would face the anger of the House of Commons. It turned out to be more agitated than angry, and Mr Lawson escaped with all his blood still in his veins. His backbench supporters might wonder, however, how long his luck can hold.
The chancellor's week started on a Friday. On November 25th a record monthly trade deficit of (British lb)2.9 billion was announced. Interest rates were raised for the ninth time since the beginning of june, bringing base rates to 13%, their highest level since April 1985. On top of his recent row with the parliamentary press over whether or not he intended to cut welfare benefits, this was enough to leave him potentially exposed.
So...
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