Economy: Alan Walters diary (budget) [Bank of England meeting; disagreements with Britton on exchange rates][released 2012]

Document type:	Declassified documents
Source:	Walters MSS (Churchill Archives Centre): WTRS3/1/1
Editorial comments:	Read other entries from this diary. View all Walters documents. The original diary can be studied here
Importance ranking:	Major
Word count:	107
Themes:	Monetary policy

Monday 22nd June 1981

MBC [Monetary Base Control] meeting with Bank of England (John Fforde etc.) and Middleton. Preparing for PM s seminar. Looks like we will have to use M1 for interest rate based movements.

Andrew Brittain [sic: Britton] wanted to use forecasts of exchange rate income etc to fix base - but I countered with the experience of exchange rates in 1980! Won that point especially with Fforde and Middleton. We should base the movement only on history.

Lunch at Barclays

Worked on draft for PM s speech: Reflation not the cure etc. John [John Hoskyns] and Ronnie [Ronald Millar] produce a draft while we produce gobbets - finished at 12.30am.