Archive (Walters MSS)

Economy: Alan Walters diary (Wages) [E Wages Council; MT annoyed with Jenkin letter][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: 149
Themes: Employment, Monetary policy

Wednesday 14th July 1982

Wages Councils at E - registered NT’s [Norman Tebbit] modest proposal - selectively Retail Trades - politically not on. Jim agreed that wages did not affect employment.

ominous signs that P Jenkin [Patrick Jenkin] wants an expensive package of £1 BN +

Lunch with Harold Lever - wants zero coupons to have capital gains for liability only to lender

PM on Interest rates - wanted her about the B/E exchange rate band and how 88-92 could cause a crisis - funding stop etc, but no way we can get out of it

She was v. annoyed with P Jenkin letter - who wrote it (Hans Liesner?)

Drink with Nigel Lawson - Macro Policy is fine - B/E - he liked Haddon-Cave.

Thinks Treasury is Incomes policy oriented (Wass) and they have got GH [Sir Geoffrey Howe] going along those lines - see last speech.