Economy: Alan Walters diary (budget) [increase in interest rates too high; employment meeting - need to get price of labour down and increase sweatshops][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:	82
Themes:	Employment, Monetary policy, Public spending & borrowing

Friday 23rd October 1981

Employment meeting - again get price of labour down and increase sweatshops - remove prop for 16 year olds - YOP [Youth Opportunities Programme]/School/Work

Rapid inc. in short interest rates to high, bad 16%. Main problem is confidence - all believe exchange rates etc. are due to be reimposed. [sic: exchange controls?] Political problem mainly.

Finishing OK because CGBR [Central Government Borroweing Requirement] was much better than anyone expected due to firms having difficulty turning around their computers

[24 October entry blank]