Economy: Alan Walters diary [Too late for gilts conversion; “Falklands fiasco upsetting everything”] [released 2012]

Friday 2nd April 1982

PM had called in Ferdy Mount and fixed up for him to take JH’s [John Hoskyns] job. - told him what the job [sic] - he says little speechwriting and she agrees - but concentrate on political matters.

- Then off to Falkland business

E George [Eddie George] and Fforde [John Fforde] - ideas on conversion 1980 - very risky business they say - best when U.S. & UK interest rates are falling - but that is TOO LATE. Would not want to force IG’s [Indexed Gilts] - falling price, worst situation for selling stock.

Matthew Simons (Telegraph) at Tante Clair

- he has strong SDP connections but confesses to be a Thatcherite economist

Spoke to Sparrow - anxious to play him into CPRS quietly so will not make too much fuss

Conversion 1980 - to PM - but the Falkland Fiasco is upsetting everything.

- We need to move very quickly on Conversion

Howell choice of 70 year old Seppell (Perm Sec) for Chairman of Railways is mad - we strongly object

WMG for dinner and weekend