Tory! Tory! Tory! as it prevented Powell from taking control of the party. Heath had attempted to reduce the power of the trade unions but was eventually beaten by the strikers. Following the February 1974 election defeat former Health Minister Keith Joseph turned against Heath and his neo-Keynesian policies to become a champion of free market economics but lost his position and influence after his controversial "human stock" speech. Joseph's close friend and ally, Margaret Thatcher, put herself forward as the free market candidate in the subsequent leadership election and won a surprising victory. Jay met with Thatcher at a dinner where he
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,