Margaret Thatcher were officially denied by William Heseltine, the Private Secretary to the Sovereign. Thatcher later wrote: "I always found the Queen's attitude towards the work of the Government absolutely correct ... stories of clashes between 'two powerful women' were just too good not to make up." Thatcher's economic policy was influenced by monetarist thinking and economists such as Milton Friedman and Alan Walters. Together with Chancellor of the Exchequer Geoffrey Howe, she lowered direct taxes on income and increased indirect taxes. She increased interest rates to slow the growth of the money supply and thereby lower inflation, introduced cash limits on
Chancellor of the Exchequer serve in this way was Lord Denman in 1834. The chancellor is the third-oldest major state office in English and British history; it originally carried responsibility for the Exchequer, the medieval English institution for the collection and auditing of royal revenues which dates from the Anglo-Saxon period and survived the Norman conquest of England. The earliest surviving records which are the results of the exchequer's audit, date from 1129–30 under King Henry I and show continuity from previous years. The chancellor controlled monetary policy as well as fiscal policy until 1997, when the Bank of England was granted independent control