Chancellor whose 1981 budget raised taxes in a recession and drew the protest of 364 economists

Born in Port Talbot, Wales, Howe read law at Cambridge, practised as a barrister and entered Parliament in 1964. As Thatcher's first Chancellor of the Exchequer (1979–83) he made the shift from direct to indirect taxation, developed the Medium Term Financial Strategy, abolished exchange controls and created tax-free enterprise zones. His 1981 budget cut public spending and raised taxes in the middle of a recession and was attacked by 364 academic economists. He was then Foreign Secretary for six years and Deputy Prime Minister. His resignation on 1 November 1990 and his resignation speech, criticising Thatcher's handling of Europe, precipitated the leadership challenge that brought her down. He was Thatcher's longest-serving Cabinet minister.

Also known as: Sir Geoffrey Howe · Baron Howe of Aberavon · Lord Howe of Aberavon

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