Surface Fleet to 50 frigates and from three to two aircraft carriers. He switched the resultant savings into nuclear submarines, naval weapon systems and air defence. In his White Paper Command 8758 "The Falkland Campaign: The Lessons" he announced a major re-building programme costing around one billion pounds replacing all the ships, Harrier aircraft and helicopters lost during the Falklands War, including the building of five new Type 22 frigates, making the largest naval building programme in many years. He also closed Chatham Dockyard and ended the mid-life modernisation of old frigates. He took through Parliament the upgrading of the nuclear deterrent to the current Trident system (D5). Resignation and retirement Nott offered his resignation as Defence Secretary to Thatcher following the Argentinian invasion of the Falklands in March 1982. Unlike then Foreign Secretary Lord Carrington, however, the resignation was not accepted. Nott remained Secretary of State for Defence throughout the four-month conflict. He was eventually replaced by Michael Heseltine in January 1983 after Nott decided not to seek re-election at the next General Election. In 1983 he was knighted, as a Knight Commander of the Order of the Bath. Nott, John Major and Malcolm Rifkind are the only surviving members of Thatcher's cabinet who do not currently sit in either house of Parliament. In 1985, he became chairman and chief executive of the banking firm Lazard Brothers, retiring in 1989. During his chairmanship a cabinet crisis took place on the future of Westland Helicopters which severely rocked the Thatcher government. Lazard Brothers acted for Westland against the Heseltine proposal for a European consortium. Among other well-publicised events was the takeover of Guinness. He was chairman of Hillsdown Holdings, a multi-national food company, the Canadian firm Maple Leaf Foods, deputy chairman of Royal Insurance. He was an adviser to APAX Partners and Freshfields. Nott is a supporter of Brexit, the move to leave the European Union. In 2016, Nott criticised the "poisoned EU debate" in the Conservative Party, and suspended his party membership until there was a change of leadership. Personal life Nott met his future wife Miloska, a Slovene, at the University of Cambridge. Lady Nott was awarded an OBE in 2012 for her humanitarian work. Their son, Julian Nott, is a film composer, screenwriter and director, most famous for writing the scores for the Wallace and Gromit and Peppa Pig animated short films. Their other son, William, works