Tuesday 2nd March 1982
Mrs. T - IEA. Gerald Ford
PM agreed at lunchtime to put petrol tax up to 9p - full valorisation - to keep PSBR at 9½ - 1¼ tax reliefs only - but this does keep the policy on course.
Bill Buroody phoned asking Mrs T to do the Boyer lecture at the annual dinner.
Drafting the budget speech - very boring with mad insane contributions from Adam Ridley - still great uncertainty about PSBR, “All bits and pieces”
PM wrote to Chancellor telling him to stop the IR (Fleet) - followed my advice sine die
Especial concern over UK mgt of o/seas portfolios
- but “upstream loans” might be proceeded with but start again from scratch.