Hon Peter Jay 1937-2024

 Peter Jay, who died 22 September, 2024, aged 87, was an economist, diplomat and broadcaster.

He was sometime British ambassador to the United States, and son-in-law of the prime minister James Callaghan.

He was born 7 February, 1937, son of Douglas Patrick Thomas Jay, the Baron Jay, PC (1907-1996), the Labour Party politician, and his wife the former Margaret Christian 'Peggy' Garnett (1913-2008), who was a grande dame of the Labour movement, known for her good works on a host of local government committees. 

In 1977, when his father-in-law James Callaghan, had become Prime Minister, Jay was appointed to the post of Ambassador to the United States by the Foreign Secretary, his friend David Owen. As Jay was just 40 years old, was not a diplomat and had never held any public office, this appointment caused some controversy and accusations of nepotism.

Jay later returned to broadcast journalism; John Birt appointed him Economics Editor of the BBC, and Jay presented editions of The Money Programme.

He wrote The Road to Riches or the Wealth of Man (2000, Weidenfeld & Nicolson), presented a related BBC TV documentary series, and also co-wrote, with Michael Stewart, the speculative historical novel Apocalypse 2000: Economic Breakdown and the Suicide of Democracy (1987).

While his father was closely linked with Keynesian economics, Jay increasingly identified himself with the new "monetarian" school associated with Milton Friedman, a man with whom he was close friends. Jay also debated with Friedman and Thomas Sowell, including two episodes of Friedman's TV series Free to Choose (1980). Jay was also the moderator of the discussions in the British version of Free to Choose. Jay was credited with helping write James Callaghan's speech at the 1976 Labour Party Conference. The speech is seen as something of a turning point, with Callaghan declaring: "We used to think that you could spend your way out of a recession, and increase employment by cutting taxes and boosting Government spending. I tell you in all candour that that option no longer exists", a rejection of the previously dominant Keynesian logic and a reflection of the ascendency of Monetarism. Jay used his column in The Times to advocate for neoliberal policies in Britain.

Between June 2003 and May 2009, Jay was a non-executive director of the Bank of England. He was a governor of the Ditchley Foundation from 1982 until 1987, and was formerly a councillor on Woodstock Town Council and was Town Mayor in 2010.

Jay married in 1961, the Hon Margaret Ann Callaghan, PC (born 18 Nov, 1939), the daughter of Labour politician James Callaghan, the Baron Callaghan of Cardiff, KG, PC (1912-2005), prime minister 1976-79.  Margaret Jay, a Labour party politician was raised to the peerage for life, in 1992, as Baroness Jay of Paddington, and was appointed Leader of the House of Lords in 1998. Peter and Margaret Jay divorced in 1986. Later that year Jay married his second wife, Emma Bettina, daughter of the museum curator and writer Peter Thornton, by whom he had 3 sons.

From his marriage to Margaret Callaghan he leaves issue, a son, the Hon Paricik James Peter Jay (b 1971), and daughters, the Hon Tamsin Jay (born 1965), and the Hon Alice Jay (b 1968).

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