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Post-Commons (1992–2003)

On leaving the Commons, Thatcher became the first former British prime minister to set up a foundation; the British wing of the Margaret Thatcher Foundation was dissolved in 2005 due to financial difficulties. She wrote two volumes of memoirs, The Downing Street Years (1993) and The Path to Power (1995). In 1991, she and her husband Denis moved to a house in Chester Square, a residential garden square in central London's Belgravia district.

Thatcher was hired by the tobacco company Philip Morris as a "geopolitical consultant" in July 1992 for $250,000 per year and an annual contribution of $250,000 to her foundation. Thatcher earned $50,000 for each speech she delivered.

Thatcher became an advocate of Croatian and Slovenian independence. Commenting on the Yugoslav Wars, in a 1991 interview for Croatian Radiotelevision, she was critical of Western governments for not recognising the breakaway republics of Croatia and Slovenia as independent and for not supplying them with arms after the Serbian-led Yugoslav Army attacked. In August 1992, she called for NATO to stop the Serbian assault on Goražde and Sarajevo to end ethnic cleansing during the Bosnian War, comparing the situation in Bosnia–Herzegovina to "the barbarities of Hitler's and Stalin's ".

She made a series of speeches in the Lords criticising the Maastricht Treaty, describing it as "a treaty too far" and stated: "I could never have signed this treaty." She cited A. V. Dicey when arguing that, as all three main parties were in favour of the treaty, the people should have their say in a referendum.

Thatcher served as honorary chancellor of the College of William & Mary in Virginia from 1993 to 2000, while also serving as chancellor of the private University of Buckingham from 1992 to 1998, a university she had formally opened in 1976 as the former education secretary.

After Tony Blair 's election as Labour Party leader in 1994, Thatcher praised Blair as "probably the most formidable Labour leader since Hugh Gaitskell ", adding: "I see a lot of socialism behind their front bench, but not in Mr Blair. I think he genuinely has moved." Blair responded in kind: "She was a thoroughly determined person, and that is an admirable quality."

In 1998, Thatcher called for the release of former Chilean dictator Augusto Pinochet when Spain had him arrested and sought to try him for human rights violations. She cited the help he gave Britain during the Falklands War. In 1999, she visited him while he was under house arrest near London. Pinochet was released in March 2000 on medical grounds by Home Secretary Jack Straw.

At the 2001 general election, Thatcher supported the Conservative campaign, as she had done in 1992 and 1997, and in the Conservative leadership election following its defeat, she endorsed Iain Duncan Smith over Kenneth Clarke. In 2002 she encouraged George W. Bush to aggressively tackle the "unfinished business" of Iraq under Saddam Hussein, and praised Blair for his "strong, bold leadership" in standing with Bush in the Iraq War.

She broached the same subject in her Statecraft: Strategies for a Changing World, which was published in April 2002 and dedicated to Ronald Reagan, writing that there would be no peace in the Middle East until Saddam was toppled. Her book also said that Israel must trade land for peace and that the European Union (EU) was a "fundamentally unreformable", "classic utopian project, a monument to the vanity of intellectuals, a programme whose inevitable destiny is failure". She argued that Britain should renegotiate its terms of membership or else leave the EU and join the North American Free Trade Area.

Following several small strokes, her doctors advised her not to engage in further public speaking. In March 2002 she announced that, on doctors' advice, she would cancel all planned speaking engagements and accept no more.

Being Prime Minister is a lonely job. In a sense, it ought to be: you cannot lead from the crowd. But with Denis there I was never alone. What a man. What a husband. What a friend.

Thatcher (1993, p. 23)

On 26 June 2003, Thatcher's husband, Sir Denis, died aged 88; his body was cremated on 3 July at Mortlake Crematorium in London.