The former chancellor Lord Denis Healey and economist John Kay have been awarded honorary fellowships by the Chartered Institute of Taxation for their contribution to the tax community. The honours were announced by CIOT president Andrew Hubbard at the annual president's lunch yesterday. 'It's a tremendous privilege to be able to recognise two such distinguished figures of the economic world as Denis Healey and John Kay,' he said. Healey, 92, was chancellor from 1974 to 1979 and was one of three former chancellors to attend yesterday's lunch including Conservative ex-chancellors Lord Geoffrey Howe and Lord Nigel Lawson, who are both honorary fellows of the CIOT. Kay, born in 1948, was elected a fellow of St John's College, Oxford at the age of 21. He is currently a visiting professor at the London School of Economics.