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
Shadow Cabinet of Margaret Thatcher part of the Environment team). On 19 November 1976, Thatcher reshuffled again. Maudling was dropped as Shadow Foreign Secretary and replaced by John Davies. Raison dropped, being replaced at Environment by Heseltine, who was replaced at the Industry portfolio by Biffen. He was in turn replaced as Shadow Energy Secretary by Tom King. Peyton and Pym switch roles (Shadow Leader of the House for Agriculture), with Pym also taking Devolution from Whitelaw. Shadow Cabinet of Margaret Thatcher Margaret Thatcher became the first female Leader of the Conservative Party and Leader of the Opposition after winning the 1975 leadership election, the