Economy: Alan Walters diary [possible contracting of hospital cleaning; alarm at expansion of bank lending; resilience of markets][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:	153
Themes:	Monetary policy

Tuesday 16th February 1982

Richard Gibbs (for Finsberg MP) [Geoffrey Finsberg] about contracting out the cleaning of NHS hospitals - offered to contact Paddie [Paddie Walters] - but gave him John Burton’s name as the best as I could think of.

PS [Private Secretaries] Lunch

Very tired all day

Ryrie on Monetary Conditions - monthly review

Alarm at expansion of bank lending but agreement that money is tight. Do nothing until budget and then edge down rates?

Monetary targeting and waywardness forecast - Ryrie did not realise that 8-12% was Ok for M1 in 1982/3 - after that it goes to new forecast hights [sic].

Kit McM [Kit McMahon] said very surprised at resilience of markets

- 2% diff between £ + $ 3 month rates - who would have thought.

DI G [?] after budget

£ is fragile - acc to Kit - but the £ is far higher than he forecast.