Economy: Alan Walters diary (interest rates) [BT meeting; PM tells Jenkin DOI officials interventionists; pressure from Wass to reduce interest rates][released 2012]

Tuesday 9th November 1982

BT meeting - PJ [Patrick Jenkin] anxious not to split BT at this stage

PM told PJ that officials at DOI [Department of Industy] were all interventionists.

But now too late - No accounting system - would have to change his speech in House in afternoon.

PJ said he had insisted that officials include his attraction to my scheme of regulation in letter to PM

PM said she was never unfair except when they deserved it.

PM’s speech

She thought my contribution was great and introduction is transformed to peroration!

Warned Peter M [Peter Middleton] of pressure coming from Wass to reduce interest rates. Chancellor took up this theme with me. My line is 9% is right - but we might go [word a little indistinct] if forced by market pressure.

Lunch with Walter Salomon - on his being clubbed

He shows me his list of candidates for Gvr of the B/E

Memo to PM supports the MSC’s technical colleges

NT [Norman Tebbit], KJ [SirKeith Joseph] etc. agree. Needs more planning + working out.

Memo about Tax Avoidance Legislation (the Yellow Peril)

Dinner with Alfred Goldstein - grave difficulties with Serpell Report - he has changed draft coincidentally, but does not say that BR’s 1982 and 1982 plans were optimistic nonsense.