Economy: Alan Walters diary (budget) [PM apparently accepts stamp duty; french import barriers; talks to PM on budget ][released 2012]

Thursday 25th February 1982

PM apparently accepted stamp duty rather than mortgage interest rate relief. Adamant on gas prices.

Saw KJ [Keith Joseph] to say that JH [John Hoskyns] would upset my work arrangements.

E cttee - Thames Barrage - Direct Broadcasting by Satellite - Billions in high tech - but only BBC can take first two channels.

Trade Policy - very depressing discussion export subsidies all go to large fine (GEC) and very large up to 30% or so - but no investigation and no principles.

Biffen said pragmatic way is best.

Import barrier - dirty tricks by French; we should emulate to bring down their barriers. Only Norman Tebbitt [sic] showed any balance - “we have an enormous surplus” and depend on trade.

All bloody covert protectionists

Just heard that John Sparrow is to be chief of CPRS - a good appointment, but why did not Clive [Clive Whitmore] tell me.

PM - asked me about budget [?PSBR] not too bad but still somewhat high - I complained about income tax being residual - looks like only 14% on thresholds.

JH sees PM to settle matters