Economy: Alan Walters diary (budget) [PM desires reduction in federal spending; Walters angry he was not invited to summit meeting; PM looked in good form][released 2012]

Document type:	Declassified documents
Source:	Walters MSS (Churchill Archives Centre): WTRS 3/1/2
Editorial comments:	Read other entries from this diary. View all Walters documents. The original diary can be studied here
Importance ranking:	Major
Word count:	134
Themes:	Monetary policy, Public spending & borrowing, Taxation, Foreign policy (USA)

Thursday 27th May 1982

PM met GH [Sir Geoffrey Howe] on Summit and made it quite clear that we should stress the reduction in federal spending as the way - “most important that deficits decline and we wished them every success in their attempts to reduce expenditure” - MS [Michael Scholar] regards this as a great victory.

Mad because I was not invited to Summit meeting and no papers. Rose noticed it and apparently I should have been there.

Large meeting GH, F Pym etc. all on Summit

GH + Lawson tried to get her to ask Reagan to put up taxes to reduce deficit - afterwards small mtg to discuss this - they do gang up on her.

PM looked in good form - amazingly able to concentrate

Her instincts politically are right