Economy: Alan Walters diary [Defeatism in civil service preventing Walters schemes][released 2012]

Document type:	Declassified documents
Source:	Walters MSS (Churchill Archives Centre): WTRS3/1/2
Editorial comments:	Read other entries from this diary. View all Walters documents. The original diary can be studied here
Importance ranking:	Major
Word count:	168
Themes:	Monetary policy, Taxation

Wednesday 20th October 1982

Paddie [Paddie Walters] very worried about “not being liked” in her job

Lunch Dick Sargent (Midland Bank)

Wanted to discuss Bank Profits Tax - I suggested (Inflation - 8)(Assets)(tax rate) - he thought last (1981) years tax was related to the wage increases.

Confirmation of John Hoskyns views of Civil Service

Defeatism - Old Routines (7 Civil Servants! Plus 3 ministers) - PJ [Patrick Jenkin] said he found my schemes attractive but (1) Elasticities (2) Output predictions and (3) Large Profits? Politically? - easy to dispose of them. Agreed to include enabling clause in bill and get Beesley or Littlechild or Heath to set up a proper Walters system. Civil servants were very defeatist - the old ROR system is well tried. We know all about it and it does not work! Ministers much more willing to try new things.

Dinner with PM, Michael Howard, Lord Dacre [Hugh Trevor-Roper], Hugh Thomas, (FO) George Weldon [?George Walden], Terry Burns. Argument on Free Trade