Economy: Alan Walters diary [recommends early election to PM; McMahon agrees US deficit is the dominant threat][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:	98
Themes:	General Elections, Monetary policy, Taxation, Labour Party & socialism

Wednesday 1st December 1982

£ firm against $ to 1:63 - rise to 87.0

Littlechilds report on ORPT [output-related profit tax] quite good shows an expanded output - but company ORPT with fixed 52½ profits tax

Sent PM a Personal Memo recommending that there be an early election to avoid dampening run on sterling

Kit McMahon at Garrick - he is anxious to have joint budgetary expansion (Japan especially) but strangely agrees that US deficit is the dominant threat to r etc.

On challenging about poss Labout gvt he seemed less than fully committed to keeping them out.