Economy: Alan Walters diary [MMC report “a disaster”; Ravenscraig developments; McMahon will not move][released 2012]

Tuesday 12th January 1982

MMC report on HSBC etc. is a disaster - main argument is that there would be a risk that there would be fewer “jobs for the Scots boys” - Michael Scholar disgusted with it.

Whats [sic: what’s next?] - got JH [John Hoskyns] to join in strong representation?

Biffen, Chancellor , Scotland [George Younger] all agreed although they regard Report as very unsatisfactory.

Compiled agenda for tomorrow’s meeting and Peter Middleton agreed.

Saw Colin Barker (at 9.30!) on Kaiser/BSC [British Steel Corporation] - not convinced about sure fire outlet for Ravenscraig Slabs - depends on US protection which does not at present extend to slab.

David Young going to NY - may put something in to PM at weekend - Kennecott 50%?

Walter Salomon - said McMahon was getting a divorce (he is 1 year younger than me) and would have to be paid a great deal - in particular even if he had no chance of becoming gvr [Governor of the Bank of England[ he still would not move.