Peter Jay, a brilliant economic commentator whose career was marked by both early promise and later controversy, has passed away at the age of 87. Jay's life journey took him from being hailed as a future world leader to facing public scrutiny and career setbacks.
Jay initially made his mark as an innovative economic commentator for The Times and London Weekend Television's Weekend World. He gained recognition for advocating economic policies that were initially considered unorthodox but later became mainstream, such as championing monetarism and arguing for a floating pound.
In 1977, at the age of 40, Jay was appointed British Ambassador to Washington by Foreign Secretary David Owen. This appointment sparked controversy due to accusations of nepotism, as Jay was married to Prime Minister Jim Callaghan's daughter, Margaret. Despite the outcry, Jay proved to be an effective ambassador, establishing valuable connections within the Carter administration and advocating for British interests during a challenging period in Northern Ireland.
However, Jay's tenure as ambassador was cut short when Margaret Thatcher terminated his appointment in 1979. His personal life became the subject of public scrutiny in the early 1980s when his wife's affair with Watergate reporter Carl Bernstein was fictionalized in Nora Ephron's novel "Heartburn." The situation was further complicated when Jay's former nanny revealed their own affair and the existence of their child.
These personal scandals had a significant impact on Jay's career. Upon returning to Britain, he struggled to find stable employment. He briefly worked for TV-am, the ITV breakfast franchise, but was ousted in a boardroom coup led by Jonathan Aitken.
Jay's career reached a low point when he became "Chief of Staff" to media tycoon Robert Maxwell in 1986. This period was marked by daily indignities and bizarre demands from Maxwell, taking a toll on Jay's well-being.
Eventually, Jay found his footing again at the BBC, where he was appointed head of economics. His analytical skills remained sharp, as evidenced by his insightful commentary during the 1992 Black Wednesday crisis when Britain was forced to exit the European Exchange Rate Mechanism.
Throughout his career, Jay was known for his intellectual brilliance but also for a perceived arrogance that sometimes alienated colleagues. He was aware of this trait, acknowledging, "I try not to be arrogant. I don't wish to be arrogant. But if other people say I'm arrogant, well... they're probably right."
Jay's personal life saw changes as well. His first marriage to Margaret Callaghan ended in divorce in 1985. He later married Emma Thornton, a history teacher and garden furniture designer, with whom he had three sons.
"I can only say I think it's a bad thing to be arrogant. I try not to be arrogant. I don't wish to be arrogant. But if other people say I'm arrogant, well… they're probably right."
Peter Jay's life and career serve as a reminder of the complex interplay between personal choices, public perception, and professional achievements in the world of politics and journalism.