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1987 Jul 6 - 1987 Dec 8
Prime Ministerial Private Office files

PREM19/2085
Economic Policy (Domestic monetary policy) (Part 17)

Source: TNA, PREM19 series
Release date: 2016 Jul 21
Classification: Secret
Page count: 342
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PREM19/2085 - download whole file (PDF, 253.95 MB)

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Showing items 1 - 20 of 28

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Date Value Title
87 Jul 6 Mo Major Monetary Policy: Lawson PS minute to Nigel Wicks ("Official Reserves") [updated figures of assets and liabilities; intervention added $7.5b in May] [declassified Jul 2016]
87 Jul 13 Mo Major Monetary Policy: Treaury letter to No.10 ("Treasury Economic Forecast") ["GDP and domestic demand in the UK are likely to grow more rapidly in 1987 than previously envisaged"] [declassified Jul 2016]
87 Jul 19 Su Major Monetary Policy: David Norgrove minute to MT ("June Economic Forecast") [economy growing very strongly in 1987, "perhaps too strongly"; predicts growth in line with productive potential in 1988 then lower in 1989] [declassified Jul 2016]
87 Jul 27 Mo Major Monetary Policy: No.10 record of conversation (MT-Chancellor of the Exchequer) [Lawson urges 0.5 per cent increase in interest rates; MT counters, Lawson replying that he might need to return to the topic "next week or so"] [declassified Jul 2016]
87 Jul 28 Tu Key Monetary Policy: No.10 record of conversation (MT-Lawson-Leigh Pemberton-Middleton) [Lawson urges 0.5 percent increase in base rates, with Bank support; MT rejects, issue should be revisited in August] [declassified Jul 2016]
87 Jul 31 Fr Major Monetary Policy: David Norgrove minute to MT ("Interest Rates") [Lawson's ardour for a rate rise] [declassified Jul 2016]
87 Aug 3 Mo Major Monetary Policy: Treasury minute ("The Reserves in July 1987") [rise in the reserves of $551m] [declassified Jul 2016]
87 Aug 6 Th Key Monetary Policy: No.10 record of conversation (MT-Chancellor of the Exchequer) [Lawson urges 1 percent interest rate increase; MT "most unconvinced" but yields to his view] [declassified Jul 2016]
87 Sep 7 Mo Major Monetary Policy: Lawson PS minute to Nigel Wicks ("Financial Markets since 5 August") [developments in domestic and foreign exchange markets] [declassified Jul 2016]
87 Sep 11 Fr Major Monetary Policy: Treasury minute ("Monthly Monetary Assessment: August 1987") [indicators suggest looser monetary conditions] [declassified Jul 2016]
87 Sep 11 Fr Minor Monetary Policy: David Norgrove note to MT (Italian request for support) [seeking $800m through ECU swap arrangements] [declassified Jul 2016]
87 Sep 14 Mo Major Economic Policy: No.10 record of conversation (MT-Chancellor of the Exchequer) [Italian ECU request, MT acceded "noting that we had little choice but to do so"] [declassified Jul 2016]
87 Sep 18 Fr Major Monetary Policy: Lawson PS minute to Nigel Wicks ("M0: Bankers' Balances") [explanatory note on balances at Bank of England] [declassified Jul 2016]
87 Sep 29 Tu Major Monetary Policy: Bank of England letter to Peter Middleton ("Interest Rates Over the New Weeks") [market conditions; monetary conditions - case for upward move stronger than case for down] [declassified Jul 2016]
87 Oct 20 Tu Major Monetary Policy: David Norgrove minute to MT ("Recent Statistics") [aide-memoire on unemployment; output; PSBR; money; current accounts] [declassified Jul 2016]
87 Oct 23 Fr Major Monetary Policy: Middleton to Griffiths (encloses Treasury autumn economic forecast) [Norgrove notes scope for tax cuts; MT cautious] [declassified Jul 2016]
87 Oct 26 Mo Major Monetary Policy: Charles Powell phone conversation record (Powell-Sir James Goldsmith) [post-Black Monday Goldsmith fears "deflationary crisis exactly on the lines of 1929"; suggests steps to avert] [declassified Jul 2016]
87 Oct 26 Mo Major Monetary Policy: Charles Powell minute for MT ("Hong Kong") [HK market down 1/3; crisis in HK Futures Exchange] [declassified Jul 2016]
87 Oct 26 Mo Major Monetary Policy: David Norgrove note to MT (US economy) [analysis suggesting US monetary squeeze] [declassified Jul 2016]
87 Oct 27 Tu Major Monetary Policy: UKE Washington telegram 2301 to FCO (0125Z) ("US economy: reactions to developments on Wall Street") ["unprecedented volatility blamed on twin deficits and programme trading"; likely reduction in growth next year] [declassified Jul 2016]