Archive (Thatcher MSS)
Personal and party papers, Cambridge

Economy: Thatcher-Reagan meeting at Williamsburg (extract from record on US deficit) [declassified 2007]

Document type: Declassified documents
Venue: Williamsburg G7 , Virginia
Source: Thatcher MSS
Editorial comments: MT met President Reagan 1820-1905, local time.Released by the Cabinet Office FOI 246199.
Importance ranking: Major
Word count: 88 words
Themes: Economic policy - theory and process, Public spending & borrowing, Taxation, Foreign policy (USA)

Extract from British record of MT meeting with President Reagan at Williamsburg

The Prime Minister raised with the President the question of the U.S. budget deficit. The President replied to the effect that he was convinced that the American economic recovery was linked to his tax cuts. If these cuts were not fully implemented, the recovery would be aborted. The implication of economic recovery was that national income would rise and this process would by itself bring down the deficit substantially in 1985/86.