Monday 25th January 1982
Problems with Terry Burns - a very stupid MTFS [Medium Term Financial Strategy] with proposed M1 growth rates of 13-14% for 3 years. I send a memo saying this is crazy - depends on details of a model (r, M, Y) which has proved very wrong in the past year.
Lunch with Peter Bauer - he is off to [?World] Bank and wants to know what he can do for me there.
MS [Michael Scholar] tells me that Burns speech was almost a budget address - PM very annoyed especially as GH [Sir Geoffrey Howe] + Treasury approved of it.
CPRS David Martin + John Richard on unemployment - they seem quite hopeless to me.
Paddie [Paddie Walters] very upset about School - imposs discipline - wants very much to return to USA.