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.
Mr. Lawson was the father of six children, including celebrity chef Nigella Lawson and journalist Dominic Lawson.
Following his death, tributes from the political world began to pour in.
Mr Lawson was described by former Prime Minister Boris Johnson as “a fearless and original flame of free market Conservatism.”
“He was a tax-cutting and simplifying figure who helped transform the economic landscape and helped millions of British people achieve their ambitions,” he added.
“He was a Brexit prophet and a fan of continental Europe. He was a colossus. My heartfelt condolences go out to his family.
Mr Lawson was described as a “true statesman” by Foreign Secretary James Cleverly, who added, “His contributions to this nation will not be forgotten.”
Mr Lawson was described as ‘a giant who changed the political weather, a lodestar for Conservatives, and a kind man always generous with his wisdom’ by Deputy Prime Minister Dominic Raab.
Mr Lawson will be remembered “for his clarity of thought, commitment to free market economics, and willingness to challenge orthodoxies,” Tory Party chairman Greg Hands said.
