Wednesday 17th February 1982
Budget Mtg - Industry budget - are we doing enough to help - threat to RW [Rooker Wise] (+5%) - considering alterations to promote “Industry Package” - Both Jock B-G [Jock Bruce Gardyne], Nick Ridley + Cockfield were very wary about Burns argument for 1½% NIS reduction - all or nothing. Cockfield suggested Corp Tax down from 52 to 50 or 48 and only 1% on NIS. B-G said why kowtow to Beckett
Lunch with Ackroyd + Smithers Gilt Jobbers
Draft MTFS discussion - critical element of draft was on exchange rates “we had no target for ER” - in or out
Gordon Pepper warned me that expansion of cash in Dec had not disappeared in January.
JH [John Hoskyns] says that Gvt is likely to give way on ASLEF - this would be absolutely wrong - we have them on the run and public opinion behind us.