Archive (Walters MSS)

Economy: Alan Walters diary [Department of Industry says Walters is “holding things up”][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: 132
Themes: Industry, Monetary policy, Public spending & borrowing

Monday 18th October 1982

Difficulty with DI [Department of Industry] and ROR [Rate of Return] criterion for B Telecom - suggest to John Butcher that I meet Jenkin [Patrick Jenkin] - getting nowhere with Civil Service.

Argonauts Lunch - apparently DI complaining that I am holding things up - did not attend mtg (AS [Alfred Sherman] was doing Unemployment Report)

- talk about weighting public spending according to whether contracted out or in

Funding - Jock B/G [Jock Bruce Gardyne] National Savings + erosion of Grannie Bonds-

Agreement on Conversion (EG [Eddie George] bought £300 m longs last week) and Shorts and IGs [Indexed Gilts] to fore

Overfunding rather likely - sell £900m a month but EG suggests £1 Bn - easily take off the top by surreptitiously buying the longs