Peter Jay, Renowned Economics Commentator and Former Diplomat, Dies at 87

Peter Jay, a distinguished former BBC economics journalist and diplomat, has passed away at the age of 87, according to an announcement made by his family. His death has prompted a wave of tributes from colleagues within the realms of politics and media. “He was a much-loved husband, father, grandfather, brother, uncle, cousin, friend, and colleague,” the family stated, adding that he died “peacefully at home” on Sunday.

Jay was regarded as one of the UK’s leading economics commentators, having served as the economics editor for the BBC and The Times. His prominence in the field of economics extended into television, where he also presented ITV’s ‘Weekend World‘.

In addition to his career in journalism, Jay was appointed as the United Kingdom’s ambassador to Washington in 1977, a move that stirred controversy due to the familial connection with then Prime Minister James Callaghan, who was his father-in-law. The appointment led to accusations of nepotism from the opposing Conservative party. However, Lord David Owen, the Foreign Secretary at that time, defended the choice, emphasizing Jay’s qualifications and rapport with the emerging Carter administration, particularly with Zbigniew Brzezinski, the National Security Adviser. Lord Owen highlighted Jay’s effectiveness in his ambassadorial role, noting his interactions with key figures in the U.S. government.

Faisal Islam, the current economics editor at the BBC, paid homage to Jay on social media, reflecting on Jay’s complexity and insightfulness. Islam noted that Jay was present during a pivotal moment when the term “recession” was defined, showcasing his involvement in significant economic discussions.

Peter Jay was born in February 1937 to Douglas Jay, the President of the Board of Trade under Harold Wilson, and Peggy Jay, who held a significant role in the London County Council. His academic rigour was evident from his first-class honours degree in politics, philosophy, and economics from the University of Oxford.

In 1961, Jay married Margaret Callaghan at the Crypt Chapel of the House of Commons. The couple, who had one son and two daughters, lived in Washington between 1977 and 1979 before their separation in 1986. The separation gained notoriety due to Margaret’s affair with Carl Bernstein, a journalist famed for his role in the Watergate scandal. This personal saga was depicted in the novel and film “Heartburn” written by Nora Ephron, who was married to Bernstein at the time.