Archive (Walters MSS)

Economy: Alan Walters diary (interest rates) [Sam Brittan desires lower interest rates - 8 months too late; TU reform][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: 141
Themes: Monetary policy, Taxation, Trade unions, Trade union law reform

Monday 2nd August 1982

Sam Brittan wants us to cut interest rates a lot and fast - pussyfooting by Bank of England - and he is right, but about 8 months too late - we should have done that in November when I first mooted it with the PM

JV [John Vereker] talked about B/E salaries - as noted in the Economist of July 31 - but after speaking to P. Midd [Peter Middleton] cannot do anything - the real problem is overmanning.

Lunch with Adam Ridley - he asked what my priorities were - easy - keep it going!

TU reform, Denationalisation etc. and and budgetary reform by making revision of thresholds a first priority

We cut dealing rates 1/14 to 1/8 and clear sign of following markets in U.S. downwards

Completed my tax reforms on Arlington and Victoria Squares