Friday 28th May 1982
Most away today for Queen’s B/day
I worked on “accord” for PM to agree with GH [Sir Geoffrey Howe] + Reagan. Trying to stop them unnecessarily goading Reagan.
Rupert Penant-Rea - he is a great supporter - but like me he reflects on whether it will last - secular results
- both of us think it will - I told him by end of ’83 inflation would be about 5% but very difficult to get down below that figure.
Norman Lamont welcomes our regional employment premium but says it could not qualify for ERDF [European Regional Development Fund] grant - that has to be specific