Thatcher's economic guru dies at 82

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Sir Alan was described as "the finest of friends" by Baroness Thatcher, who paid tribute to him as "radical, fearless, consistent and creative".

He had reportedly been suffering from Parkinson's Disease and his health had deteriorated before Christmas. He and his wife Paddie celebrated their 33rd wedding anniversary on December 27.

In a statement, Baroness Thatcher said: "Alan Walters was the best economic adviser any Prime Minister ever had - radical, fearless, consistent and creative.

"He was a great public servant and, to me personally, he was the finest of friends."

Sir Alan was first appointed as an economic advisor at Number 10 in 1981. He later returned in 1989, when he repeatedly clashed with Nigel Lawson, then Chancellor.

Walters argued for Britain keeping to strict monetary targets to curb inflation - a view shared by Mrs Thatcher and popular with the Tory Right.

The economist was particularly scornful of Lawson's persistent desire to get Britain to join the European Monetary Union, which he labelled "half-baked".

The row between the two men led to Mrs Thatcher, when pressed in the Commons by Labour Leader Neil Kinnock whether she would sack Walters, memorably saying that "advisers advise and ministers decide".

But Lawson's resignation in October 1989 - followed almost immediately afterwards by Sir Alan's own departure - effectively marked the beginning of the end of Thatcher's premiership and she was ousted from power little more than a year later.