† David Jenkins (1925–), educated St Dunstan’s College, Catford and the Queen’s College, Oxford; Professor of Theology, University of Leeds, 1979–84; Bishop of Durham, 1984–94.
* Mrs Thatcher highlighted the words ‘Labour Party’, and scribbled ‘their natural home’.
* Jack Peel (1921–93), educated Ruskin College, Oxford; railwayman, 1936–47; trade unionist; special adviser to Secretary of State for Transport on long-term industrial relations strategy, 1983–4.
* Muammar Gaddafi (1942–2011), politician, soldier and revolutionary; seized power from King Idris of Libya in a bloodless coup in 1969 and ruled the country until the ‘Arab Spring’ uprisings of 2010–12. He died of injuries sustained in a NATO airstrike in his ancestral home of Sirte in October 2011.
* Mrs Thatcher also won backing, though not of a financial kind, from behind the Iron Curtain. The Sunday Mirror quoted Lech Wałe˛sa, the leader of the Polish Solidarity trade union: ‘With such a wise and brave woman, Britain will find a solution to the strike’ (Sunday Mirror, 29 July 1984).
† In June 1985, Butcher wrote to Mrs Thatcher directly, offering to bring her evidence of continued intimidation of working miners (Butcher to Mrs Thatcher, 16 June 1985, CAC: THCR 2/2/4/26). The Department of Energy again set out its objections to the meeting. ‘Not the convincing dossier against Mr Butcher we had been led to expect,’ wrote Robin Butler. ‘But he is distrusted by the NCB and the Notts Miners Union.’ (Butler comment on Dart to Butler, 16 July 1985, CAC: THCR 2/2/4/26.) Mrs Thatcher agreed that Butcher could see Michael Alison instead, but the meeting was deferred several times.
* In a letter to Mrs McGibbon in August 1985, Mrs Thatcher had scribbled, ‘So good to hear from you again. We will do all we can to help the three courageous people mentioned in your letter’ (Thatcher to McGibbon, 27 August 1985, CAC: THCR 2/6/3/75).
* Lord Kinnock confirmed that ‘I and Stan Orme [a member of his Shadow Cabinet] jumped up at once to clap it,’ in order to make Scargill’s condemnation as unqualified as possible (Interview with Lord Kinnock).
† An NOP poll published on 7 December showed a great majority of the public believing that NUM violence was planned. Labour voters split 49–41, with the majority saying it was spontaneous. (‘Press Digest’, Ingham to Thatcher, 3 December 1984, THCR 3/5/41.)
* Woodrow Wyatt (1918–97), educated Eastbourne College and Worcester College, Oxford; journalist; Labour MP for Aston Division of Birmingham, 1945–55; for Bosworth Division of Leicester, 1959–70; chairman, Horserace Totalisator Board, 1976–97; created Lord Wyatt of Weeford, 1987.
† The guests at the dinner were Clarke, John Blessington and John Liptrot (Notts), Tony Ellis (Yorks), Tony Morris (Staffs), Roland Taylor (N. Derbyshire), Terry Hackett (Stoke-on-Trent) and T. Holdman and Ewan Thomas (S. Wales). There were ‘no staff present so as not to impede conversation’. (Note to Mrs Thatcher, 28 March 1985, CAC: THCR 1/7/9.)
‡ Privatization eventually took place under the premiership of John Major in 1994.
* At this stage, Lawson did not find Walters’s role in giving Mrs Thatcher economic advice oppressive. Indeed, when he wrote to Mrs Thatcher to argue for separate targets for the different measures of money, M3 and M0, he told her that Walters was ‘very much in favour of the new range for narrow money’ (Lawson to Thatcher, 20 February 1984, TNA: PREM 19/1197 (http://www.margaretthatcher.org/document/134139)).
† Jeffrey Sterling (1934–), educated Reigate Grammar School, Preston Manor County School and Guildhall School of Music; businessman; special adviser to Secretary of State for Industry, later for Trade and Industry, 1982–90; executive chairman, P&O, 1983–2005; knighted, 1985; created Lord Sterling of Plaistow, 1991.
* John Biffen (1930–2007), educated Dr Morgan’s School, Bridgwater and Jesus College, Cambridge; Conservative MP for Oswestry, 1961–83; for Shropshire North, 1983–97; Chief Secretary to the Treasury, 1979–81; Secretary of State for Trade, 1981–2; Lord President of the Council, 1982–3; Leader of the House of Commons, 1982–7; Lord Privy Seal, 1983–7; created Lord Biffen, 1997.
* The benefits included a significant reduction in the PSBR.
* John Moore (1937–), educated LSE; Conservative MP for Croydon Central, February 1974–1992; Economic Secretary to the Treasury, June–October 1983; Financial Secretary to the Treasury, 1983–6; Secretary of State for Transport, 1986–7; for Health and Social Services, 1987–8; for Social Security, 1988–9; created Lord Moore of Lower Marsh, 1992.
* Typically, though supportive of the idea, Mrs Thatcher, ever wary of leaks, was annoyed by some of Lawson’s methods. She put a wiggly line under his sentence telling her that he was copying his note to all Cabinet colleagues. ‘Further work on this a matter for E [Committee],’ she wrote, ‘… and NOT to be invoked by MINUTE … I shall have to have a word with the Chancellor.’ (Lawson to Thatcher, 25 July 1983, TNA: PREM 19/989 (http://www.margaretthatcher.org/document/128139).)
* Indeed, the programme of privatization was so extensive in legislative terms that there was a Treasury scheme to pass a single Enabling Act which would allow all of them to take place without separate Bills. This was turned down because the other government departments objected.
† Gerald Grimstone (1949–), educated Whitgift School and Merton College, Oxford; Assistant Secretary, Treasury, 1984–6; J. Henry Schroder Wagg, 1986–99; chairman, Standard Life plc, 2007–; knighted, 2014.
‡ This description of the roles is more accurate than Lawson’s somewhat parti pris view that she did little about privatization herself, but ‘left me to get on with it’ (Interview with Lord Lawson of Blaby).
* In 1981, the present author bought his first house. It had no telephone and he wished to install one, but was told by BT that this would take six months because of a ‘shortage of numbers’. The only way to speed this up was for his employer, the editor of the Daily Telegraph, to have a word with the chairman of the company, Sir George Jefferson. The device was installed in ten days. This was a classic example of how a nationalized industry would respond to string-pulling, but not to the ordinary customer’s needs.
† Arnold Weinstock (1924–2002), educated LSE; managing director, General Electric Company plc, 1963–96, then chairman emeritus; knighted, 1970; created Lord Weinstock, 1980.
* Denis Rooke (1924–2008), educated Westminster City School, Addey, Stanhope School and University College London; chairman, British Gas plc (formerly the Gas Council, then British Gas Corporation), 1976–89; knighted, 1977; OM 1997.
* Walker’s Department of Energy.
* Martin Jacomb (1929–), educated Eton and Worcester College, Oxford; vice-chairman, Kleinwort Benson Ltd, 1976–85; chairman, Barclays de Zoete Wedd, 1986–1992; chairman, Postel Investment Management Ltd, 1991–5; deputy chairman, Barclays Bank plc, 1985–93; director, Bank of England, 1986–95; knighted, 1985.
† This had happened dramatically with the privatization of the radiochemical company Amersham International, in the first term, which was oversubscribed twenty-four times. Moore described this as ‘a massive feast for the stags’, but an event which had also ‘made the City see that a market-place existed’ (Interview with Lord Moore of Lower Marsh).
* John King (1917–2005), chairman, British Airways plc, 1981–93; president, 1993–7, then president emeritus; chairman, Babcock International Group plc, 1970–94; president, 1994–2005; master, Belvoir Hunt, 1958–72; knighted, 1979; created Lord King of Wartnaby, 1983.
* James Hanson (1922–2004), chairman, Hanson PLC, 1965–97; director, Hanson Transport Group Ltd, 1946–2004 (chairman, 1965–96); director, Hanson Capital Ltd, 2000–2004; knighted 1976; created Lord Hanson, 1983.
† Vincent Gordon White (1923–95), educated De Aston School, Lincolnshire; deputy chairman, Hanson Trust Ltd, 1965–73; special commission to open Hanson Trust’s opportunities overseas, 1973–83; chairman, Hanson Industries, 1983–95; knighted, 1979; created Baron White of Hull, 1991.
* He had been e
nnobled the previous year.
† The deal was also ultimately fatal to BCal. The company was forced to sell out to British Airways for £251 million the year after the BA privatization.
* Being a nationalized bureaucracy, BA had been foolish enough to record its numerous telephone calls on this matter, so the evidence of misbehaviour potentially available to a court was there in cold print.
* The golden share was not considered a necessary protection for the public since British Airways was not a utility.
* These were reported to be ineffective.
* Michael Richardson (1925–2003), educated Harrow; partner, Cazenove & Co., 1971–81; managing director, N. M. Rothschild & Sons Ltd, 1981–90; after Mrs Thatcher left office, Richardson had a hand in running Mark Thatcher’s finances, while privately indicating that he was running hers, which was not the case; knighted, 1990.
† The first man who applied the name for the dominant theory about the creation of the universe to the City is thought to have been Douglas Dawkins, of the Bank of England. Although never official, the phrase at once became almost as universal as it was for the creation event itself.
* Gordon Borrie (1931–), educated John Bright Grammar School, Llandudno and University of Manchester; barrister; Professor of English Law and director, Institute of Judicial Administration, University of Birmingham, 1969–76; Honorary Professor of Law, 1989–2010; director-general of Fair Trading, 1976–92; chairman, Advertising Standards Authority, 2001–7; knighted, 1982; created Lord Borrie, 1995.
† David Walker (1939–), educated Chesterfield School and Queens’ College, Cambridge; joined Bank of England as chief adviser, then Chief of Economic Intelligence Department, 1977; a director, 1981–93; chairman and chief executive, Securities and Investments Board, 1988–1992; chairman, Barclays Bank plc, 2012–15; knighted, 1991.
‡ Nicholas Goodison (1934–), educated Marlborough and King’s College, Cambridge; chairman, Stock Exchange, 1976–88; TSB Group, 1989–95; knighted, 1992.
* Jacob Rothschild (4th Baron Rothschild) (1936–), educated Eton and Christ Church, Oxford; chairman, RIT Capital Partners plc, 1988–; chairman, Five Arrows Ltd, 1980–2010; president, 2010–; chairman, National Gallery, 1985–91; OM, 2002.
† David Walker’s views on reform were, at that stage, personal, and well in advance of the Bank’s official view.
* Oddly, it was the government, not the Stock Exchange, which clung to single capacity at this point. This was because single capacity had recently been introduced in the Lloyd’s insurance market to reduce conflicts of interest, and so the government was frightened of looking inconsistent. The Bank of England also found it convenient for the gilts market. Goodison was more clear-sighted than Parkinson that single capacity would have to go because of the abolition of minimum commissions.
† In the opinion of Martin Jacomb, Mrs Thatcher ‘readily understood’ how restrictive single capacity was, because she was ‘well briefed’ by Denis on the subject (Interview with Sir Martin Jacomb).
* It was also an extremely profitable one. Once the restrictions on membership of the Stock Exchange were ended, big companies, including foreign businesses, would be free to buy up stockbroking firms. This allowed ‘almost any firm of any size to sell itself for ridiculously high prices’ to American and other banks which thought, largely erroneously, that they needed these firms to get near the action (Interview with Sir Nicholas Goodison).
* Brian Griffiths (1941–), educated Dynevor Grammar School and LSE; Professor of Banking and International Finance, City University, 1977–85; head of No. 10 Policy Unit, 1985–90; vice-chairman, Goldman Sachs (Europe), 1991–; created Lord Griffiths of Fforestfach, 1991.
† This law was later repealed under the Clinton administration, a decision which was afterwards considered a major factor in the onset of the 2008 financial crisis.
* As early as 1988, Letwin published a short book called Privatising the World (Cassell, 1988), showing people how it was done. In the preface, John Redwood described the book as ‘the first bible of this new world-wide economic religion’. This sounds absurdly hyperbolic, but it is notable that Letwin’s expectations in his book of the spread of the creed were considerably more modest than what actually happened.
* To some, this seemed reprehensible – why should the public buy what it owned already?
* Another of the ‘Points for use’, predicting a problem which would, much later, enrage Mrs Thatcher, asked: ‘Have the Hungarians noticed the emphasis Chancellor Kohl has been giving to the theme of German unity? It seems to us that the rest of the world would be no more able to prevent German reunification, if the Russians decided to permit it, than we can bring it about now, when the Russians are implacably opposed.’ Subsequent history suggests that Mrs Thatcher paid too little attention to this line of argument.
* Konstantin Chernenko (1911–85), General Secretary of the Communist Party of the Soviet Union, 1984–5.
* Recent accounts have suggested that Mrs Thatcher did meet Gorbachev, even that to escape the cold he ‘gallantly escorted her to a warm room’ (Jonathan Aitken, Margaret Thatcher: Power and Personality, Bloomsbury, 2013, p. 478), and that she personally invited him to visit London (Richard Aldous, Reagan and Thatcher: The Difficult Relationship, Norton, 2012, p. 167). These claims are based solely on the testimony of Leonid Zamyatin, the former Soviet Ambassador to the UK, whose account has become increasingly embroidered over the years. Those who accompanied her, and who knew her mind, confirm that none of this ever happened. (Correspondence with Sir John Coles, Lord Butler of Brockwell, Archie Brown, Lord Powell of Bayswater.)
* Nigel Broomfield, then head of the Soviet Department at the Foreign Office, recalled that when he and his team made this choice they were entirely unaware of Archie Brown’s earlier efforts (see Chapter 5) to draw Gorbachev to Mrs Thatcher’s attention (Correspondence with Sir Nigel Broomfield).
† Andrei Sakharov (1921–89), nuclear physicist, Soviet dissident and human rights activist; winner, Nobel Peace Prize, 1975; internally exiled, 1980–86, following his public protests against the Soviet intervention in Afghanistan in 1979.
‡ Anatoly Shcharansky (later Natan Sharansky) (1948–), Soviet-born human rights activist and author; one of the foremost campaigners in the struggle of Soviet Jewry to emigrate to Israel; spent nine years in Soviet prisons (1977–86) for allegedly spying for the US. On release he went to Israel, where he served as a minister in four successive Israeli governments, 1996–2005.
* For this less formal gathering four academics were on hand to brief Mrs Thatcher and Geoffrey Howe. Archie Brown, Michael Kaser and Alec Nove, return guests from the 1983 Chequers seminar (see Chapter 5), were joined by Professor Lawrence Freedman (King’s College London).
* Originally, Gorbachev’s wife, Raisa, was excluded, but when Denis intimated that he would be at Chequers, and therefore at the lunch, Mrs Thatcher directed Powell to invite Mrs Gorbachev as well (Powell to Thatcher, 7 December 1984, TNA: PREM 19/1394 (http://www.margaretthatcher.org/document/134716)).
† Iain Sutherland (1925–86), educated Aberdeen Grammar School, Aberdeen University and Balliol College, Oxford; Ambassador to Greece, 1978–82; to Soviet Union, 1982–5; knighted, 1982.
* Nicholas Elliott (1916–94), educated Eton and Trinity College, Cambridge; Acting Lieutenant, Intelligence Corps, 1940–45; Head of Station, Secret Intelligence Service, Berne, 1945–53; Vienna, 1953–6; Beirut, 1960–62.
* One way in which she demonstrated this support was through visiting the offices of the intelligence services. During her first visit to SIS, early in her career as prime minister, she asked the man sitting next to her, ‘Do you employ forgers?’ He told her that they sometimes did. ‘How do you know’, she asked, ‘whether their references are genuine?’ (Private information.)
* The Soviet involvement in the miners’ strike was further emphasized by the presence in Gorbachev’s delegation of Ivan Strelchenko, a coal-pit foreman from Donetsk
, designed to show solidarity with the NUM.
† Channon was standing in at Trade and Industry because of Norman Tebbit’s Brighton bomb injuries.
‡ Bernard Ingham often related (including to the present author) that one of Mrs Thatcher’s very first remarks to Gorbachev was ‘I hate Communism.’ While this was certainly the spirit of what she said, neither the written record nor other recollections of the encounter support Ingham’s claim.
* Refusnik was the Russian word for Jews who wished to emigrate to Israel but were forbidden to do so by the authorities.
† She was referring to the killing of David Wilkie, a taxi driver carrying a strike-breaker to work in Wales (see here).
‡ Mick McGahey (1925–99), miner and trade unionist; vice-president, NUM, 1974–87.
* The Second Congress of the Russian Social Democratic Labour Party met in Charlotte Street, London, in August 1903. At this congress, the party split. The Bolshevik faction, led by Lenin, was ultimately victorious in the Russian Revolution of 1917.
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