Former Conservative chancellor Norman Lamont has told ITV News he is "not in any way uncomfortable" with George Osborne's comments that mass unemployment would never be a price worth paying.
Lord Lamont famously said in 1991, "Rising unemployment and the recession have been the price that we've had to pay in order to get inflation down, but that is a price worth paying".
Former Conservative Chancellor Lord Lamont has told ITV News George Osborne should raise the threshold at which workers pay 40% income tax.
He said that some the current threshold was meaning some "not very well off" workers such as teachers, nurses and train drivers are being "caught" by the higher rate.
Lord Lamont added that he hoped a pledge to raise the threshold would be included in the next Conservative Party manifesto.
Lord Lamont, who served as a Treasury minister under Baroness Thatcher, before becoming chancellor under John Major said: "The name Margaret Thatcher will always be synonymous with the word 'courage'.
"She had more courage than anyone I have ever known. The word impossible barely existed for her.
"We shall not see her like again."