Archive (Walters MSS)

Economy: Alan Walters diary (budget) [Discussion with Parsons; PM discusses budget proposals][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: 157
Themes: Monetary policy, Pay

Friday 22nd October 1982

Discussion about Sir Antony [sic: Anthony] Parsons, for it is he, who is to take office opposite. Robin [?Robin Butler] wanted to know how I worked since I am the model! But depends on own contracts etc.

Gordon Pepper for Lunch - they did swap operation of £120 I/gilts [Indexed Gilts] for conventional longs

£500 mn IG authorized

PMid [Peter Middleton] - discussed budget proposals to reduce PSBR 2% + ½ NIS

£3 Bn poss.

£1 ½ Bn earmarked for thresholds (min)

RDG’s move forward

£150m Electricity prices - next April - just right

£200m - forward payment of bills

£225 Deferment of duty on wines & spirits for four weeks

Switch engineering [words unclear]

Dow + Fforde McMahon have argued that Gvr [Gordon Richardson] should have said that a PSBR of £20Bn was needed to get economy moving - Gvr did not but there were many codewords

[23-24 October entries blank]