Economy: Alan Walters diary [something must be done over National Loans Fund][released 2012]

Document type:	Declassified documents
Source:	Walters MSS (Churchill Archives Centre): WTRS3/1/2
Editorial comments:	Read other entries from this diary. View all Walters documents. The original diary can be studied here
Importance ranking:	Major
Word count:	155
Themes:	Monetary policy

Monday 24th May 1982

Jock BG [Jock Bruce Gardyne] meeting on NLF [National Loans Fund] restrictions - only £5m in working balance in NLF terms according to Treasury solicitor. J B.G was very confused about what was to be done. But we must do something - £4 Bn is the amount we need to raise NLF.

Overfunding issue came up. PM [Peter Middleton], TB [Terry Burns] and I are clear that we should stop it and reduce reliance on £ M3 targetry

Wages Councils - she read it but did not comment

- bombed out - did not read the end of it

Met PM near tapes m/c - liked the £ rising

Interest rates - talked to PM [Peter Middleton] and he agreed to ask EG [Eddie George] to see if we could massage them down - remarkably good day in markets

JH [John Hoskyns] and I talk to Prevost of Commissariat du Plan