Economy: Alan Walters diary [E-committee on British Telecom meeting; Lunch with Lawson][released 2012]

Tuesday 16th March 1982

Paddie [Paddie Walters] heard from Arlington that her old job is waiting for her - but needs to apply immediately - Sept deadline - also suggestion of promotion - it looks as though we may have to part for a few weeks or even months!

E on Brit Telecom: P.J. [Patrick Jenkin] wants to turn it into AT+T

Very badly presented - not clear at all (Armstrong agreed lots of work to be done - task force to prepare legislation for next session. [round bracket not closed]

Heseltine wanted to spend money on Chatham Docks by UDA. Sat on by NT [Norman Tebbit], Brittan etc.

Lunch with Nigel Lawson - he was worried about MTFS for the same reasons that I am. He believes in almost unachievable targets, because it supplies the right pressure.

Esra [Bennathan, former AAW colleague at Birmingham University and World Bank]phoned to say my memo had been mentioned in the Journal of Commerce as a candidate for Chenery [replacement for retiring Vice President of World Bank, Hollis Chenery?] job (along with Robert Heller).

Ryrie meeting: Sterling Vulnerable etc. - but I agreed we should not press any interest rate reductions on the present market. Let them digest budget et al

Awful paper from TB’s [Terry Burns] shop.

PM met with Thorn EEC and got nowhere - Thorn wanted us to accept a worse budget and quicker

PM insisted on at least 90% of our contribution

- Everyone agreed that EEC had to go to brink