Economy: Alan Walters diary (interest rates) [CBI report; agrees with Minford on interest rate policy][released 2012]

Document type:	Declassified documents
Source:	Walters MSS (Churchill Archives Centre): WTRS3/1/2
Editorial comments:	Read other entries from this diary. View all Walters documents. The original diary can be studied here
Importance ranking:	Major
Word count:	128
Themes:	Monetary policy

Tuesday 3rd August 1982

T 1989 were all sold off - shows gvr [Gordon Richardson] was quite wrong in his predictions

Memo to PM on [sic: on funding in fact, see PREM19/998 f176]

Farewell lunch with Clive [Clive Whitmore] + PM. Sat next to her - she asked what Sparrow was doing on unemployment and would it be useful - I said loyally the 70% would

Talked about CBI report - I suggested it was getting up to wage round, and in any case biased by large employers in Capital intensive industry

Patrick Minford - saw PM with me for ½ hour

Agreed with interest rate policy and put case for capping benefits at 70+ + child benefit increase and raising thresholds by 25% as a package deal.