Senior Tories say Nigel Lawson should name a coin, think tank or library after him.

Nigel Lawson should be recognized for his great importance to the UK economy as chancellor in the 1980s. Photo: Dan Kitwood/Getty Images Europe

Elder Tories have called for Nigel Lawson to be commemorated with a gold coin, think tank or library named after him.

They said the longest-serving chancellor, Margaret Thatcher, died on Monday at the age of 91, one must acknowledge the great significance of his economic policies in the 1980s.

The idea for the commemorative gold coin came from former business secretary Jacob Rees-Mogg, who said it would be a fitting tribute to his success in «victory over inflation».

He also called for setting the time of Parliament aside for tribute following the return of the House of Commons after Easter. Former Tory leader Liz Truss called for a library in his honor.

And Sir John Redwood, who worked in John Major's cabinet, said that a Nigel Lawson think tank could be created.

Lord Lawson is remembered for cutting taxes and promoting a privatization program during his tenure as chancellor between 1983 and 1989.

Mr. Rees-Mogg said: “There should be time for a tribute, and perhaps a commemorative coin would do.”

“Communities often find time to pay tribute to the dead of particularly distinguished members. Lord Lawson was the most important chancellor of the post-war period and therefore deserves this tribute. In fact, the Chamber may even close as a sign of respect.

«Because he was the chancellor who beat inflation by reinstating hard money, the Royal Mint, which issues commemorative coins regularly, should dedicate one to Lord Lawson: ideally a gold piece.»

Former Tory leader Ms Truss also called. pay tribute to the former chancellor by saying «Lord Lawson's library of free markets, low taxes and supply reform.»

And Sir John said «I think it would be better to raise some money privately and to have some institution with his name in it, around some things that mattered to him as a thinker.

«Develop it or call it your name and make sure it's properly funded.»

“I think his legacy continues – I think they should build on him by focusing on all the things he pursued as well as continuing his Global Warming Policy Foundation. He was not only a doer, but also a thinker, and that would be a great and worthy tribute.” after he called Lord Lawson «vile and dangerous»; because of his climate change skepticism.

Rupert Reid, a professor at the University of East Anglia (UEA), tweeted: “The mean and dangerous Nigel Lawson has died. One of my biggest accomplishments is leading a campaign to stop his eruption of self-serving lies as «balance» on the BBC.

"His «leadership» in denial was worth we have so much time and have already caused many deaths (and many more to come). In a letter to UEA Vice-Chancellor Sir Gerald Howarth, former Minister of Defence, it is stated: "I believe that UEA will immediately (if you have not already) issue a rebuke by separating UEA from these remarks and take steps to ensure that that he should either express himself in a manner consistent with a respectful (it seems unlikely that one can make him respectable) academician or seek employment elsewhere.”

UEA has been contacted for comment.

On Tuesday evening Lord Lawson's daughter, celebrity chef Nigella Lawson tweeted: «Thank you for all your kind messages. And I'll be back here properly tomorrow"