Archive (Walters MSS)

Economy: Alan Walters diary [PM anxious to get rid of BA][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: 163
Themes: Monetary policy, Pay

Monday 26th July 1982

Cunard - replacement for Atlantic Conveyor

- £72 mn for BS, £38 mn for S. Korea &#43l Japs

and the 72 mn is after subsidies

Fudge by defence claim - but MOD says that it can get adequate auxiliaries without any need for paying - agree to offer £3 mn and negotiate. PM says must be kept in Britain

Lunch with Miguel Schweitzer + Fernando LENIZ (ex Min of Econ 74-77) [former Chilean ministers]

E(NI) on Telecom, BA, + Incomes of Chairmen etc. of NI’s. BA is broke (zero net worth) lost about £400 m since 1979 - only way to sell it is to pay off its bank debts. PM very anxious to get rid of it - pay off £300 m in return for selling it at £100 m

NI Chairmen asked for the earth (Rooke 84%)

She adopts our principle - decide whether you want them, then pay accordingly - pay by results MH’s [Michael Heseltine]