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