Walter Thomas Layton, 1st Baron Layton (15 March 1884 – 14 February 1966), was a British economist, editor, newspaper proprietor and Liberal Party politician. Background and education Layton was the son of Alfred John Layton of Woking, Surrey, and Mary Johnson. He was educated at King's College School, Westminster City School, University College, London and Trinity College, Cambridge. Career He became a lecturer in economics at Trinity College, Cambridge in 1908, then from 1909 to 1914 he was a Fellow of Gonville and Caius College. A notable economist, Layton worked for the Ministry of Munitions during the First World War. In 1922 he was appointed editor of The Economist, a post he held until 1938, and from 1944 to 1963 was also Chairman of The Economist Newspaper Ltd. His editorship was of profound importance to the newspaper, and he was probably the person to whom it owes most thanks for its survival and continued independence. He was editorial director of the News Chronicle (1930–40), and returned to the Chronicle after the war, where he remained until the newspaper ceased publication in 1960. He was a member of the Liberal Party committee that produced Britain's Industrial Future, otherwise known as the Liberal Yellow Book. He stood as a Liberal Parliamentary candidate, contesting the London University seat in 1929. Layton was again drafted in to work for the government during the Second World War, holding positions in the Ministry of Supply (from May 1940) and the Ministry of Production. Head of Joint War Production Staff 1942 to 1943. After the war, he served as Vice-President of the Parliamentary Assembly of the Council of Europe from 1949 to 1957. Honours Layton was made a CBE in 1917 and a Companion of Honour in 1919. He was knighted in 1930 and in 1947 he was raised to the peerage as Baron Layton, of Danehill in the County of Sussex. Liberal politics Layton stood unsuccessfully for parliament three times as a Liberal. He fought Burnley in 1922, Cardiff South in 1923 and in 1929 he switched again to fight the London University seat. However, Layton's importance in Liberal politics had much more to do with his work at the News Chronicle and The Economist where he became a prominent member of a group of Liberals who had a major influence on public opinion. Their orbits were the Whitehall and Westminster villages. They moved in Fleet