Margaret Thatcher's most iconic outfits could be lost overseas unless a home is found for them after the collection is rejected by the V&A museum

She mastered the art of power dressing – with her choice of skirt suits vital to her image of steely authority.

However, a host of Margaret Thatcher's most famous outfits could be lost overseas unless a British institution can be found to save them for the nation.

The historic collection was put together by insurance tycoon Sir Peter Wood, an admirer who bought the clothes at auction so they could be donated for a permanent public display.

Yet he has been unable to find a home for the 21 suits and other effects, with the Victoria and Albert museum in London being among those to turn him down.

The collection includes the blue suit she wore to deliver her landmark 'No. No. No.' speech in 1990 rejecting EU demands for further integration.

Sir Peter also has the burgundy suit she had on for her final departure from No 10 later that year, the scarf and raincoat she wore at the turret of a Challenger tank in 1986 and a gold lamé outfit she posed in for a Hello! magazine photoshoot.

The Direct Line founder spent almost £400,000 on significant pieces in 2015 when more than 400 items belonging to the Iron Lady were auctioned two years after her death, raising £4.5million.

Many lots were bought by private collectors and went overseas. In 2017, Sir Peter offered his collection for a permanent display at the V&A in London.

They 'politely declined', saying his offer would be kept 'in mind in the future'. The previous year, six items had been given to the museum by the Baroness's children and displayed. They are still in the collection but not on show. A spokesman said decisions around acquiring and displaying objects were 'complex'.