Friday 19th March 1982
PM at Chequers with Smidt [sic: Helmut Schmidt]
Unemployment Study - still pretty dreadful state - wrote sharp note to Ibbs.
IG [Indexed Gilts] 1988 stuck at 97Y and sold £50m
- dreadful since yield is less than secondary market 1998 so why tender for stock?
Middleton was scared that going much below 95 or so would only sell another £20m - but that is not the point
Am very worried about all this - needs careful thought