It was not the “iron lady” herself who channeled it, but her second chancellor, Nigel Lawson, and the famous “big bang” release that freed up financial markets and unleashed business growth in the city. Hunt promised a bonfire of EU red tape for industries such as digital, life sciences and financial services, arguing that the success of Lawson’s 1986 effort had shown that “smart regulatory reform can drive investment from around the world”. Since the initial big boom helped make London a magnet for international banks, in part by allowing foreign firms to own British brokers, Hunt suggested that he would emulate that success with supply-side reforms based on the “freedoms us in Brexit”. Hunt, a former promoter, is viewed with suspicion by some fans. However, his comments earned him a hearty ovation from MPs who, until that point, had largely remained silent and slumped in their seats. Doubling down on praise for Thatcher and Lawson’s mission, Hunt left the former chancellor twice more – and praised his belief that “the most important driver of global success is not tax subsidies but competition”. While Hunt wants to save Britain from another recession with moves inspired by the original Great Boom, he has had his share of critics. The move by Thatcher and Lawson was accused by some of being a stepping stone to the 2008 credit crunch. A David Willets, who worked in Thatcher’s No 10 policy unit but became a Conservative minister, warned at the time that the deregulation effort could lead to “boom and bust” as well as “immoral behaviour”. Hunt might be wise to heed the lessons of 1986.
