Economy: Alan Walters diary (budget) [dreadful meeting with Chancellor about MTFS][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:	89
Themes:	Monetary policy, Public spending & borrowing

Thursday 10th December 1981

Dreadful meeting with Chancellor et al on MTFS [Medium Term Financial Strategy]. Very confused about money GDP guidelines

MTFS meeting - Nick Ridley and Jock [John Bruce-Gardyne] wanted to politicise it all - no targets etc. - shambles - Terry [Terence Burns] presented my case of GNP (money) trend rates. GH on about getting off £M3.

Jock very wary of bank lending money on sideline - but Terry is going towards Ex. Rate target with IMF. [Different pen used from this point] - again M1 better than M3