Archive (Walters MSS)

Economy: Alan Walters diary [Chancellor meeting - want to move 10 percent bill rate][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: 73
Themes: Monetary policy

Friday 26th November 1982

Exchange Rate opened at 84.09

Chancellor [Sir Geoffrey Howe] Gvr [Gordon Richardson] meeting - want to move - 10% Bill rate (up from 8¾) last Friday

- respond to market - but market is leading with expectations about what Bank will do

- Saw PM and Chancellor - we are being bounced

Gordon Pepper furious - only a technical adjustment - no need for increase of interest rates