Thursday 5th August 1982
PM on funding - convinced her of need for some conversion - at least no more long dated conventional stock - and we should buy in long term and issue shorts and IG’s [Indexed Gilts]
Lunch with Geof Pattie (Junior Minister of Defence) Paddie (Air Vice Marshall) - Alfred S. [Alfred Sherman] - issue of economist in the DOD - I suggested Nigel Wicks
D. Serpell - pressed to deliver in early November - SOS concerned with immediate 82/84 - money is it right?
Long term is a secondary issue - but Alfred G [Alfred Goldstein] thinks LT is what really matters and I agree.
- only cost cutting to 82/84 - need to evaluate
Peter Middleton says that we sold £600m or so - all August funding done - IG’s sold out - 2011