Archive (Walters MSS)

Economy: Alan Walters diary (unemployment) [Memo on unemployment package][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: 75
Themes: Monetary policy, Trade unions

Wednesday 29th September 1982

PM back from China 7.00pm

Another 1/8th off interest rates

Talked to Peter M [Peter Middleton] - why do we not buy in £200m or £300m of 12 year gilts? - Would straighten out the yield curve - Already achieved Banking October’s funding target

The £1,250 mn 10&#189’% T 1988 sold like hot rock and was oversubscribed (£20 down etc)

Bloom for lunch - he started his own business as company doctor

Patrick Minford - we told him of FM [Ferdinand Mount] + AAW’s [Alan Walters] memo on Unemployment Package - reluctant to see the 70% cap raised to 90% - would mean a redn of unemployed of 260,000 instead of 875,000

But politically we could not make it stick.

Patrick wants MMC applied to Unions - in enabling legislation but MMC would need reorg