Economy: Alan Walters diary [discusses Hugh Thomas with MT as possible successor to Hoskyns; PM thinks oil taxes too high] [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:	190
Themes:	Employment, Energy, Monetary policy, Pay, Taxation

Monday 1st March 1982

C/E [Chancellor of the Exchequer] + Lawson sent message saying BNOC was to red. price of oil by $4

(= £1 bn gross revenue)

Saw PM about JH [John Hoskyns] - talked about Hugh Thomas but saw the point about HT being reflective and not a decision maker. Replace AD [Andrew Duguid] - yes; because he helps me.

PM (1) Railways wanted more cash to pay their bills - what quid pro quo! I suggest we delay their investment (electrification) program - PM agrees

(2) N. Sea Oil Tax regime - phasing out SPD [Supplementary Petroleum Duty] - tax on gross sales - and transferring to tax on profits PRT - OK but PM thinks tax rates are too high (90%) and as Chips Keswick said inhibit development of the N Sea - but nothing to be done except to record her view that tax rate is too high.

John Sparrow - Clive [Clive Whitmore] - PM - About CPRS - good at industry + corporate plans but not at L’pool, unemployment. Hodgson, not Chairman, wanted Robin Ibbs back at ICI -

Robin Ibbs

Saw PM about [sic]