Economy: Alan Walters diary (interest rates) [interest rates down; PM wanted secret ballot requirement in Bill, Tebbit said no time][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:	200
Themes:	Monetary policy, Strikes & other union action

Tuesday 6th July 1982

John Fforde (Eddie [Eddie George] away) - said interest rates on market definitely on the way down - another 1/16 off band 4 and 1/14 off band 3 - Interbank still at 123/8 - he thought Base Rates would not move until Interbank at 12½

- end of the week? or next

Told MS [Michael Scholar] to tell PM that all was OK except for gvr.

Alfred Sherman, Tim Congdon, Andrew Smithies, John Chown [name unclear ] - why have banks taken up most of the capital market? - because they have lender of last resort facilities and lower reserves than any other agency

Memo to PM before she goes to Rome tomorrow

Peter M [Peter Middleton] says Governor is reluctant to move r down - exchange rate targeting

PM wanted NT [Norman Tebbit] to include a secret ballot requirement for strike in Bill - NT refused because “no consultation” and could not draft it in time!

MS [Michael Scholar] saw me at DEmp protest at record of meeting with NT, Chancellor, etc. - we only agreed to explore Job Splitting, NT thought he had go ahead

PM saw Campbell Fraser - awful man