Michael Brunson
But there's not the slightest sign of a Government U-turn. Although Mrs Thatcher agreed the interest rate increase with the Chancellor yesterday, she made only a indirect reference to it at the Women's Conference today.
MT
We need a period of high interest rates to bring inflation down. And while the effects can be uncomfortable, the effects of continual high inflation could be much worse.
Michael Brunson
And in the conference crèche later it was still inflation that was on her mind.
MT
I'm so sorry …
Woman
… interest rates have to go up.
MT
Well, yes, indeed. They have to as part of our strategy to keep inflation down.
Michael Brunson
When will they come down again?
MT
That one—who knows?
Michael Brunson
But an increasing number of Tory backbenchers, nervous now about the Government's economic strategy, are hoping that the answer to the question, ‘When will interest rates come down?’ is ‘Very soon indeed’. Michael Brunson, New at Ten, Westminster.