Monday 27th April 1981
10.00 Chancellor, Terry Burns + Middleton
- 11.30 MBC [Monetry Base Control] [Different pen used from this point] - GH [Sir Geoffrey Howe] still reluctant to go ahead- willing to see bands of MLR [Minimum lending rate] enforced and abolition of MLR. Burns very cautious - still puts his faith to £M3 in the hope that it will. [sic] GH attacked me for trumpeting the uselessness of M3 in spite of his recantation in budget etc.
He is in difficult political position.