Economy: Alan Walters diary (Local Authority rates) [referendum on local authority rates; cabinet members views][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:	197
Themes:	Monetary policy, Public spending & borrowing, Economic, monetary & political union, Local government, Local government finance

Thursday 5th November 1981

Princess of Wales pregnant!

E on local authority rates - Heseltine wants referendum if formula is exceeded - says he expects 40 or less

Cecil [Cecil Parkinson] very worried since he sees Good Tory councils caught.

Drys [sic: Dries] pro MH [Michael Heseltine]. Wets (WW [William Whitelaw] hates referendum) Pym (defeatist won t go through House). M. Jopling said difficult but thought it would go through, then changed his mind under Pym s coaxing and said it would not - but PM supported MH.

Lunch with PM and Private Secretaries: Still against EMS [European Monetary System]. Very pragmatic on N. Ireland - would cheerfully give it to Fitzgerald if only he would take it. She would save £1 - 1½ Bn or so. Repatriate Irish!

-meeting reported in FT and Guardian now cancelled.

Papers all said PM s speech was best she had delivered.

- FT headlined my expected growth and inexorable timing. DW [David Wolfson] is frightened of implications in 6 months time if things do not look rosy.

JH [John Hoskyns] very nervous about commitment to turn it around in one year s time - did Gummer add that sentence - I did not.