Members Of The Parliament Of The United Kingdom

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April 10, 2026

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"But at the time praise was showered on Chamberlain for brokering the deal. On his return from Locarno, he received a special welcome at Victoria Station and, in further similarity to Disraeli in 1878, was immediately made a Knight of the Garter. Prime Minister Stanley Baldwin praised him for resolving an issue that had “so far defied the efforts of every statesman since the war.” One of Baldwin’s predecessors, Lord Arthur Balfour, said that Chamberlain’s name would be “indissolubly associated” with this probable “turning point in civilisation.” A few months later Chamberlain was awarded the Nobel Peace Prize. For a politician who had grown up in the shadow of his famous father, “Radical Joe,” it was an intoxicating apotheosis. “I am astonished and a little frightened by the completeness of my success and by its immediate recognition everywhere,” Chamberlain told his sister On October 22, 1925, he dined alone with his younger half-brother Neville, who noted in his diary that Austen "talked almost without stopping from 8 till 11.00 on Locarno. Very naturally, perhaps, the rest of the world does not exist for him . . . Looking back he felt that no mistake had been made from beginning to end." Neville found it hard to conceal his envy at Austen’s success. Nor, as we shall see, did he forget it."

- Austen Chamberlain

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"The combined efforts of Government policy since 1979 have been not to improve but substantially to worsen our competitive position. We have gone from a huge manufacturing surplus of £5.5 billion in 1980 to a 1986 third quarter deficit of £8 billion a year... Even with oil production continuing for some time, the current account has gone from a £3 billion surplus to a deficit predicted by the Chancellor of £1.5 billion... Sadly, the Government's great contribution, having refused to stimulate the economy by more respectable means, is a roaring consumer boom, which there is not the slightest chance of their moderating before an election. A roaring consumer boom does not, to any significant extent, mean more employment. In our competitive position, worsening under the Government, it means overwhelmingly higher imports, a still worse balance of payments position and a classic path to perdition. To have produced, after seven and a half years, the combination of total monetary muddle, a worsened competitive position, a widespread doubt in other countries as to how we are to pay our way in the future, a desperately vulnerable currency and the prospect of an unending plateau of the highest unemployment in a major country in the industrialised world is a unique achievement over which the Chancellor is an appropriate deputy acting presiding officer."

- Nigel Lawson

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"While the strength of demand in the British economy should have elicited higher interest rates from early 1987 onwards, Lawson was so fixated with his DM-shadowing policy that he not only refused to raise rates but actually cut them, first in October 1987 and then again in February and March 1987... By the early spring of 1988, Mrs Thatcher was growing increasingly worried about Lawson's attempts to hold sterling down. A row erupted in March, when the Prime Minister rightly criticized Lawson's intervention tactics, saying at Prime Minister's Question Time in the Commons that "you can't buck the market." With the weight of foreign buying growing ever greater, and his Prime Minister by now very much alive to the problem, a reluctant Lawson was forced to call a halt to intervention. Sterling surged through the top range of DM2.90 to DM3.00 that he had imposed. In mid-May, in an effort to stem the rise in the pound without again resorting to intervention, the Chancellor cut interest rates one last time (the Labour Party, one should not forget, was pressing for even bigger cuts). But even Lawson could no longer ignore the mounting evidence of inflationary pressure (in the form of rapid increases in demand and output, in house prices and – as unemployment fell very rapidly – in wages and labour costs). Having reduced interest rates to 7.5% in mid-May to restrain sterling, at the end of May he raised them to restrain inflation, apparently unwilling to recognize that the inflationary pressure was the result of his DM-shadowing policy. Sir Alan Walters, in a radio interview, presciently remarked that the Chancellor, by having delayed far too long in tightening policy, had condemned Britain to much bigger increases in interest rates in the future."

- Nigel Lawson

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