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]