Archive (Walters MSS)

Economy: Alan Walters diary [won on BAA; Ridley’s “maniac” idea to organise devaluation][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: 147
Themes: Monetary policy

Tuesday 27th July 1982

Won on BAA - PM sent a note saying why no mention of privatisation and that they make profits because they are a monopoly

And on the job splitting - D Emp had not taken on board our points

Adam Ridley’s maniac idea that we should organise a devaluation to drive the markets off the obsession with a ER target of 88-92

Lunch CPS with Alfred S [Alfred Sherman] John Hoskyns Guinevere [Guinevere Tilney] Hugh Thomas - main issue PM dept and Ryder’s article in Telegraph. Ryder is a wet looking for a seat

Funding meeting - warning Bank (a) not to overfund and (b) not to issue conventional longs

They take their main funding operation still on £M3 outcome [?or outturn; word a little unclear]

Very arcane discussion but sent up a real marker about Conv. longs and need to activate IGs