Peter Jay

Peter Jay (7 February 1937 – 22 September 2024) was a British journalist, broadcaster, and economist. He was born in Hampstead, London, to Douglas Jay and Peggy Jay, both of whom were Labour politicians. His father, Douglas Jay, was later created a life peer as Baron Jay. Peter Jay received his early education at the Dragon School in Oxford and subsequently attended Winchester College. He studied at Christ Church, Oxford, earning a first-class honours degree in Philosophy, Politics, and Economics (PPE). During his time at Oxford, he served as president of the Oxford Union in the Trinity term of 1960.

Following his graduation, Jay was commissioned into the Royal Naval Reserve during his National Service, holding ranks from Midshipman to Sub-lieutenant. He then worked as a civil servant at HM Treasury before transitioning into journalism. He served as the economics editor of The Times for ten years.

In the early 1970s, Jay became the principal presenter of the London Weekend Television program "Weekend World," a Sunday news analysis show. He co-authored a series of articles with John Birt for The Times in 1972, which critiqued television journalism and promoted the idea of explaining complex issues to the public.

In December 1974, Jay appeared as a panellist on the BBC quiz show "Call My Bluff." In 1977, during James Callaghan's tenure as Prime Minister, Jay was appointed as the British Ambassador to the United States, a decision recommended by Foreign Secretary David Owen. The appointment was notable because Jay was then only 40 years old, lacked prior diplomatic experience, and was not a public officeholder, leading to allegations of nepotism.

In 1983, Jay became the founding chairman of TV-am, a breakfast television station launched by a consortium including Angela Rippon, David Frost, Michael Parkinson, and Anna Ford. When the station's initial focus on news and current affairs did not achieve financial success, he resigned from his position.

Following his departure from TV-am, Jay became Chief of Staff to media proprietor Robert Maxwell. His tenure, which lasted three years, was reportedly marked by difficulties, including alleged bullying and humiliation by Maxwell. After leaving Maxwell, Jay returned to broadcasting as the Economics Editor of the BBC and hosted the series "Road to Riches," which examined economic history. He authored the accompanying book "The Road to Riches or the Wealth of Man" (2000).

In the realm of economics, Jay shifted from a Keynesian to a monetarist perspective associated with Milton Friedman, with whom he maintained a close friendship. He participated in debates involving Friedman and economist Thomas Sowell, including two episodes of Friedman's television series "Free to Choose" (1980). Jay also moderated discussions for the British version of the series.

Jay is credited with influencing British political discourse, notably aiding in the drafting of James Callaghan's 1976 Labour Party Conference speech, which signaled a move away from Keynesian policies toward monetarism.

He served as a non-executive director of the Bank of England from June 2003 to May 2009. He was also a governor of the Ditchley Foundation from 1982 to 1987 and was involved locally on Woodstock town council, serving as mayor from 2008 to 2010.

In his personal life, Peter Jay married Margaret Callaghan, daughter of James Callaghan, in 1961; the marriage ended in 1986. Later that year, he married Emma Bettina, daughter of Peter Thornton. Jay had seven children, including one from an affair with his children's nanny. In 1986, paternity was confirmed via DNA testing, and he provided child support.

Peter Jay died at his home in Woodstock, Oxfordshire, on 22 September 2024, at the age of 87.