Prime Minister Rishi Sunak paid tribute to Mr Lawson on Twitter, saying he “was a transformational chancellor and an inspiration to me and many others.
Mr Lawson was a Conservative MP for Blaby from 1974 to 1992, and he served in Margaret Thatcher’s cabinet from 1981 to 1989.
He was appointed chancellor in June 1983 and remained in that position until his resignation in October 1989.