Archive (Walters MSS)

Economy: Alan Walters diary (budget) [discussions with Howe over M3] [released 2012]

Document type: Declassified documents
Source: Walters MSS (Churchill Archives Centre): WTRS 3/1/1
Editorial comments: Read other entries from this diary. View all Walters documents. The original diary can be studied here
Importance ranking: Major
Word count: 82
Themes: Monetary policy, Public spending & borrowing

Monday 27th April 1981

10.00 Chancellor, Terry Burns + Middleton

- 11.30 MBC [Monetry Base Control] [Different pen used from this point] - GH [Sir Geoffrey Howe] still reluctant to go ahead- willing to see bands of MLR [Minimum lending rate] enforced and abolition of MLR. Burns very cautious - still puts his faith to £M3 in the hope that it will. [sic] GH attacked me for trumpeting the uselessness of M3 in spite of his recantation in budget etc.

He is in difficult political position.