Economy: Alan Walters diary (unemployment) [proposals on unemployment presented to Chancellor - reluctant to accept][released 2012]

Tuesday 28th September 1982

Peter M [Peter Middleton] had shown Chancellor + DW [David Wolfson] + TB [Terry Burns] etc, our proposals on unemployment - C/E generally agreed but reluctance to commit himself to the thresholds ahead of budget. DW agrees but TB still prefers NIS cut - for all the wrong reasons - but good to keep C/E informed

[Norman Roberts (Mellon Bank)]

Found out more about Workfare which MS [Michael Scholar] says PM is “Obsessed with&rdquo

U.S. Embassy (Jerry Newman), Zourbarkis [name unclear], SBC (London) Mgr, Cont Ill mgr. - Z complained that recently banks are “Refusing to Intermediate”

Interest rates are cut by 1/8th today - but we shall have much more difficulty in bringing interbank rates down - may do it before Conference