Former economic journalist and diplomat Peter Jay has died at the age of 87, his family has announced.
Tributes have been paid to Mr Jay by colleagues in both the political and media world following the news of his death.
His family said he died ‘peacefully at home’ on Sunday.
‘He was a much loved husband, father, grandfather, brother, uncle, cousin, friend and colleague,’ they added in a statement.
Mr Jay had been one of the country’s foremost economics commentators, with time spent as the economics editor for both the BBC and The Times.
A gutsy sub editor once complained that his writing was too difficult to understand to which he replied: ‘I only write this for three people: the editor of the Times, the Chancellor of the Exchequer and the Governor of the Bank of England.’
Peter Jay ‘died peacefully at home’ on September 22, 2024
The diplomat and journalist was dubbed ‘the cleverest young man in England’
Mr Jay was born in February 1937 and was the son of Baron Jay who was president of the Board of Trade under Harold Wilson.
He was educated at the Dragon School in Oxford before going on to study at Winchester like his father and grandfather had done before him.
Mr Jay was famously described at school as ‘the cleverest young man in England’.
To which someone cheekily replied: ‘Is there someone cleverer in Wales?’
After completing national service in the Royal Navy, he attended Oxford University where he graduated with a first class honours degree in politics, philosophy and economics.
It was at the prestigious university that he met his future wife Margaret Callaghan – daughter of the future Labour Prime Minister Jim Callaghan.
In 1961, he married Margaret Callaghan in a ceremony at the Crypt Chapel of the House of Commons.
For the General Election in 1970, Mr Jay attempted to enter the world of politics like his father and father-in-law. But he failed to be selected as Labour’s candidate for Islington South West.
Instead he secured a job at the treasury before accepting the position of economics editor of the Times.
There he wrote columns promoting ‘monetarism’ which later became Margaret Thatcher’s underlying philosophy.
But Mr Jay also had an influence on the politics of his father-in-law Prime Minister Callaghan. Indeed it is said he wrote parts of Callaghan’s party conference speech in 1976.
In the 1970s, Mr Jay presented a news analysis programme called Weekend World.
In 1977 he was controversially appointed as the UK’s ambassador to Washington by Prime Minister Callaghan, amid Tory protests of ‘nepotism’.
Mr Jay and his wife Margaret stayed in Washington between 1977 and 1979.
Peter Jay (left) met his wife Margaret Callaghan (right) while studying at the University of Oxford
The pair had three children – Patrick (left), Tamsin (centre) and Margaret
Mr Jay and his wife Margaret stayed in Washington between 1977 and 1979
In 1977 Mr Jay was controversially appointed as the UK’s ambassador to Washington by his father-in-law Jim Callaghan
Then foreign secretary Lord Owen said he appointed Mr Jay ‘on merit’ and ‘never had any cause to regret it’
Mr Jay plays table tennis while in Washington as Britain’s ambassador to the US
Lord Owen, who was foreign secretary at the time, said in tribute: ‘Jim Callaghan did not get on well with the sitting ambassador in Washington so it was obvious there should be a change.
‘I was free to appoint someone better suited to the new Carter administration and particularly (Zbigniew) Bzezinski, his national security adviser.
‘I chose on merit Peter Jay and never had any cause to regret it, though I warned the prime minister the charge of nepotism would arise.
‘Before long he was playing tennis regularly with Bzezinski, getting on well with the young Georgians close to the president and in every respect proved to be an excellent ambassador.’
Mr Carter was from Georgia and had been governor of the state before his presidency.
During Mr Jay’s time in Washington, his wife Margaret was having an affair with Watergate journalist Carl Bernstein.
The scandal was so spectacular that it inspired a Hollywood film called Heartburn starring Meryl Streep and Jack Nicholson.
Despite having a son and two daughters together, the couple separated in 1986. In the same year, Mr Jay became media tycoon Robert Maxwell’s chief of staff.
During Mr Jay’s time in Washington, his wife Margaret (pictured) was having an affair with Watergate journalist Carl Bernstein
The scandalous affair inspired 1986 film Heartburn starring Meryl Streep (left) and Jack Nicholson (right)
Peter Jay poses with TV presenters David Frost, Michael Parkinson and Anna Ford
Peter Jay (pictured) was educated at Winchester like his father and grandfather before him
In 1986, Peter Jay (pictured) was appointed as chief of staff to media tycoon Robert Maxwell
While at the BBC, Mr Jay presented the series Road to Riches
Lib Dem’s Malcolm Bruce (left), Labour’s Gordon Brown (second left) and Conservative chancellor Ken Clarke (right) preparing for a debate hosted by Peter Jay (second right)
Peter Jay (pictured) died today at the age of 87
Mr Jay married his second wife Emma and lived in a farmhouse in Oxford with their three children, according to the BBC.
The former diplomat went onto work as the BBC’s economics editor. There he presented the series Road to Riches before stepping away in 2001.
Current economics editor at the BBC, Faisal Islam, paid tribute to his predecessor in a post on social media, saying he was ‘sad’ to say Mr Jay had passed away.
The journalist posted on X, formerly Twitter: ‘Famously told colleague one of his complex pieces was written for an audience of 3, & he wasn’t one of them… in room with LBJ and Okun when they came up with the definition of recession. Criticised the “bias against understanding”.
‘Diplomat. Broadcaster. RIP’.