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
Arthur Cockfield, Baron Cockfield took power in 1970, but Cockfield went on to advise Anthony Barber, Macleod's successor as Chancellor of the Exchequer, until 1973. He then served as chairman of the Price Commission from 1973 to 1977, receiving a knighthood in 1973. Cockfield was created Baron Cockfield, of Dover in the County of Kent, in April 1978. On the election of Margaret Thatcher to office in May 1979, he became a Minister of State at the Treasury, a post he held until April 1982. He became a member of the Privy Council in 1982, and was the last Secretary of State for Trade