Edward Heath the Liberal Party. Despite losing a second general election in October that year, he vowed to continue as leader of his party. In February 1975, Margaret Thatcher challenged and defeated him to win the leadership. Returning to the backbenches, Heath became an active critic of Thatcher's leadership. He remained a backbench MP until retiring at the 2001 election, serving as the Father of the House for his last nine years in Parliament. Outside politics, Heath was a world-class yachtsman and a talented musician. He died in 2005, aged 89. He is one of only four British prime ministers never to
Tory! Tory! Tory! that the free market is the most efficient and liberal way to organise social affairs, and that government intervention is often wasteful. They were widely dismissed until 1964, when Edward Heath championed their policy in his abolition of price controls. The Editor of "The Times", William Rees-Mogg, sent Peter Jay to the U.S. as economic correspondent where he learned of the Monetarist theories of Milton Friedman. Enoch Powell became the champion of free market economics in British politics, fighting with Heath, a more centrist politician, for control of the party: he was the second biggest loser from Heath's election win,