Wednesday 11th November 1981
Brief 15 mins with PM on speech.
Gordon Pepper says monetary policy was much better than anyone imagines.
Lunch with PM in flat - she wants to do contrast with 1950 s - very wild and inconclusive.
Middleton + Burns - we agreed on mainly M1 for target and nominal GNP for aggregate targets, but agree to talk to Jock [John Bruce-Gardyne] and Nick [Nick Ridley] - need to convert them.
Canada Club Dinner - Carrington v. gloomy - being told by Earl of Airlie (Schroder Wagg) that things are very good - except for unemployment.