Economy: Alan Walters diary [Howe very fed up; Hoskyns says Walters should take over policy unit][released 2012]

Wednesday 24th February 1982

Saw PM early on budget - oil effects and need to offset.

Mtg at Treasury on CGT changes and indexed gilts - very dreary bull. McMahon was simply rehearsing objections to indexation per se

Lunch at CPS with Alexandre [?Andrew Alexander], Sara Hogg, Russel L. [?Russell Lewis] and two WSJ (Debbie ?)

GH [Sir Geoffrey Howe] with PM for much of the day - being berated for a “give away” - quite unfair and not true

- but at least he won no mortgage relief, stamp duty instead - but she intends to have it for next year.

GH very fed up with it all - would not come back in evening - “had to work on budget speech”

Clive [Clive Whitmore] - told him worried about JH [John Hoskyns] going - he said that I ought to take over the policy unit! I said NO.

Middletons, Layard, Nick Ridley to dinner

Peter M’s [Peter Middleton] description of Treasury as organised for the policy of previous govt.