Economy: Alan Walters diary (budget) [cabinet meeting - policy confirmed; everyone in favour of NIS reduction][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:	124
Themes:	Monetary policy

Thursday 28th January 1982

Wed InfTech Year 9 Dec [in red crayon] Wed

10.20-1.00 Cabinet on Budget - excellent meeting with GH [Sir Geoffrey Howe] triumphant at end - all valuable views - thrust of policy confirmed.

PM delighted - only Jim [Jim Prior] topped PSBR stakes with 11½ Bn

Everyone is in favour of NIS reduction [National Insurance Surcharge].

Lunch with Gvr Connolly [presumably former Texan Governor & US Treasury Secretary, John Connolly] and Peter Tapsell.

Phone Fforde about another reduction in interest rates. Stg [sterling] very high and advancing (91.6). He agrees we review after the US money supply figures and M3/M1.

Peter Middleton agreed - and will talk to GH.

Gt [Great] + Japan Exhibition Albert Frost (on Bd of BSC)