Peter Jay, the former BBC economics editor and British Ambassador to Washington, has died peacefully at home at the age of 87. His family described him as a much-loved husband, father, and friend, renowned for his charm, brilliance, and arrogance in equal measure.
Jay’s illustrious career included roles as economics editor of The Times, presenter of ITV’s Weekend World, launch chairman of TV-am, and chief of staff to media tycoon Robert Maxwell. He was famously described during his school years as “the cleverest young man in England,” and Time magazine once tipped him as a potential future world leader.
Born on February 7, 1937, to a politically influential family, Jay enjoyed an exceptional start in life. His father, Douglas Jay, was a Labour cabinet minister, and his mother, Peggy, was a prominent figure on the London County Council. Educated at Oxford’s prestigious Dragon School and Winchester, Jay excelled academically, becoming head boy and winning numerous prizes before attending Christ Church, Oxford, where he graduated with first-class honors in politics, philosophy, and economics.
Jay married Margaret, daughter of future Labour Prime Minister Jim Callaghan, in 1961. His early career in economics saw him become a key advocate of monetarism, a philosophy that later shaped Margaret Thatcher’s economic policies and influenced his father-in-law’s Labour government.
In 1977, Jay was appointed British Ambassador to Washington, a role that garnered controversy due to his lack of diplomatic experience and the perceived nepotism behind his appointment. Despite these challenges, he and Margaret enjoyed diplomatic success, though their personal lives unraveled in Washington. Margaret’s affair with Watergate journalist Carl Bernstein led to the end of their marriage and was later immortalized in Nora Ephron’s book Heartburn, which became a Hollywood film.
Jay’s personal life continued to attract headlines, with reports of an affair with their children’s nanny, which resulted in a child. After returning from Washington, Jay led the launch of TV-am, but his highbrow approach to breakfast television failed to resonate with viewers, leading to his ouster.
In later years, Jay served as chief of staff to Robert Maxwell, though he distanced himself from Maxwell’s toxic leadership style. He returned to broadcasting in the 1990s with BBC series Road to Riches, a landmark exploration of economic history.
Peter Jay’s life, full of triumphs and scandals, was marked by his deep intellect and ambition. Although his career ended in a quieter phase, he left behind a legacy as one of Britain’s most brilliant and controversial public figures. His family’s statement reflects the depth of his personal and professional impact: “Peter Jay was a much-loved husband, father, grandfather, and friend, and he will be deeply missed.”
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