Archive (Walters MSS)

Economy: Alan Walters diary (unemployment) [wrote note for PM on tax increase issue for Reagan; lunch with “stupid” Silk who believes expansionism will reduce unemployment][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: 131
Themes: Employment, Monetary policy, Taxation, Foreign policy (USA)

Tuesday 1st June 1982

Write note for PM on Tax Increase issue for Reagan - impossible to get hold of Ken Couzens and Chancellor all day

Discovered I was not invited (by John Coles) to Reagan briefing - wrote irate note to JC

Lunch with Leonard Silk + Stephen Rattner - LS a rather stupid man - still believes that expansionism will reduce unemployment

Did not appreciate Eire, Germany, France etc. counter arguments. Believes in Communal coordination of econ policies (like EMS!!)

But said basic objective of summit was to put pressure on Reagan to increase taxes.

I said that it was not for us to tell him how to reduce deficit.

Eased 3 month + 6 month rates down by 1/8th - probably effect dealing rates on Thursday or Friday.