Economy: Alan Walters diary [Walters criticises Burns speech on M1 planned growth; PM annoyed too][released 2012]

Document type:	Declassified documents
Source:	Walters MSS (Churchill Archives Centre): WTRS3/1/2
Editorial comments:	Read other entries from this diary. View all Walters documents. The original diary can be studied here
Importance ranking:	Major
Word count:	137
Themes:	Employment, Monetary policy

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.