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1981 May 13 We
Archive (Walters MSS)

Economy: Alan Walters diary (budget) [Middleton says Wass & Ryrie opposed £1b extra tax in budget; Brittan and Howe agreed with their view that “you must not put interest rates down if you had to put them up again!!”] [released 2012]

Document type: Declassified documents
Document kind: Diary
Venue: -
Source: Walters MSS (Churchill Archives Centre): WTRS 3/1/1
Journalist: -
Editorial comments: Read other entries from this diary. View all Walters documents. The original diary can be studied here
Importance ranking: Key
Word count: 66
Themes: Executive, Monetary policy, Public spending & borrowing, Taxation

Wednesday 13th May 1981

Wass + Ryrie [Sir William (Bill) Ryrie, second Permanent Secretary to the Treasury] were very much against the £1 Bn extra tax in the budget (according to Middleton) - thought it would be very deflationary.

Leon Brittan + GH [Sir Geoffrey Howe] + D. Wass + Ryrie all agreed that you must not put interest rates down if you had to put them back up again!!