Mark Thatcher is not a knight but a baronet. The title was conferred on his father and passed to the son when Thatcher senior died. It will pass to Mark Thatcher's eldest son when he dies and so on. I guess it was Mrs T's way of ensuring a lasting privilege for her male descendents. There was a scandal in the early 1920s surrounding the 'sale' of baronetcies by the Liberal government to raise Party funds which led to a 1925 Act prohibiting the sale of honours.
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