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
Rigoletto