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
Exchequer of Pleas by the 1230s, became a royal appointment holding the seal independently of the Lord Chancellor, known as the Chancellor of the Exchequer. After 1567 the Chancellor was additionally confirmed as the Under-Treasurer of the Exchequer, allowing him to carry out the Treasurer's duties when he was unavailable. The Chancellor was appointed by letters patent, and until 1672 it was a life appointment, then changed to an office "to hold only during the pleasures of the crown". Until the English Civil War the Chancellor of the Exchequer was a judicial office with little political standing; after the War, however, it became