Economy: Alan Walters diary (budget) [Gardyne agitated about expansion of bank credit; Walters argues there had been no effect on house price or the stock market][released 2012]

Document type:	Declassified documents
Source:	Walters MSS (Churchill Archives Centre): WTRS 3/1/1
Editorial comments:	Read other entries from this diary. View all Walters documents. The original diary can be studied here
Importance ranking:	Major
Word count:	81
Themes:	Monetary policy

Wednesday 23rd September 1981

Jock Bruce Gardyne - Agitated about expansion of bank credit to personal sector - I pointed out [Different pen used from this point] that there had been no effect on house prices nor on stock market (which went into an enormous slump FT below 500 - yet Phillips and Drew gave bullish views for September!)

Derestricting indexed gilts to cover £2Bn for October. I am very much in favour - but Jock nervous about foreign buyers (OPEC) being given unfair advantage.