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
John Smith (Chancellor of the Exchequer) unopposed again as MP for Andover at the 1698 general election. On 2 June 1699 he became Chancellor of the Exchequer. He was elected as MP for Andover again at the first general election of 1701, but although he was asked to continue as Chancellor, felt uncomfortable in a changed Parliament and resigned on 27 March 1701. In the second general election of 1701 and in that of 1702 he was re-elected MP for Andover. He was returned unopposed for Andover at the 1705 general election and was chosen as Speaker of the House of Commons in 1705. In 1706