Nigel Lawson

Post-war British economic history is littered with failed policy panaceas. Keynesian demand management would solve the unemployment problem; the Exchange Rate Mechanism would provide an anchor for stability and end sterling’s perennial weakness; the Barber and Kwarteng budgets – separated by 50 years – would throw off the shackles of Treasury orthodoxy and put the country on a path to higher growth. On the face of it, monetarism – the theory that if you control the money supply, you control inflation – fits squarely into this paradigm. As soon as government sought to control the money supply, the historic relationship between money and inflation broke down. But partly because inflation

‘Of course I support the NHS. Everybody supports the NHS, or says they do,’ poked the comedian Frankie Boyle in one of the many campaigns promoting the health service. To admit you don’t believe in this national institution is as taboo as not caring about Britishness, about goodness, about people. The public is keen to find evidence for this collective belief. Nigel Lawson famously said that ‘the NHS is the closest thing the English have to a national religion’ – words which tend to be heard as praise. But his comment was laced with criticism. He continued, ‘with those who practise in it regarding themselves as a priesthood. This made