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