Monday 30th November 1981
CPRS Rickard about reducing benefits by 10% = 150,000 off register.
- pushing them up to 250,000 - 500,000 so that its consistent with Minford s figure.
DW [David Wolfson] worried about PM s response to interest rate questions (said she wanted £ at 2.00, and too much borrowing etc.). M3 is the excuse of B/E [Bank of England] - frightened of PM s wrath when M3 appears.
[New York Times (Rattner) interview - young brash man] [Steve Rattner]
Memo to PM - should NOT target £M3 but look at M1, M0 etc.
instead agree with Peter M [Peter Middleton] that interest rates should be allowed to fall today.
Dinner with Christopher Bailey (Bristol Channel Ship Repairs) and JH [John Hoskyns]