Archive (Walters MSS)

Economy: Alan Walters diary [bad unemployment figures][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: 138
Themes: Monetary policy

Tuesday 21st September 1982

MS [Michael Scholar] brought bad news about Unemployment Trade figures and production - tremendous pressure on her

Peter M. [Peter Middleton] was agreeable to a 3% but thought it should be leaked rather than announced - I agree - told JV [John Vereker] and he saw the argument

PM thinks he can persuade CE [Chancellor of the Exchequer]

Lunch with Private Secretaries

FM [Ferdinand Mount]. JV AS [?Alfred Sherman] discuss what to recommend on unemployment package - JV wants to set in motion a debate on Minford/Smith but I objected and this was carried.

Eddie George + Peter Middleton on Conversion

EG said essentially he could not push any more shorts and cover the funding needs. IG’s [Indexed Gilts] were not moving in spite of favourable stockbrokers comments.

I suggested a convertible from short conventional into IG - say 5 years at 11% and then IG at 3% yield or conventional at 8%