Economy: Alan Walters diary (budget) [memo pointing out we cannot suppress reports of bad performance of M3. “Will I be fired?”][released 2012]

Document type:	Declassified documents
Source:	Walters MSS (Churchill Archives Centre): WTRS3/1/1
Editorial comments:	Read other entries from this diary. View all Walters documents. The original diary can be studied here
Importance ranking:	Major
Word count:	66
Themes:	Monetary policy, Public spending & borrowing

Tuesday 15th December 1981

Memo pointing out that we cannot suppress the reports of the bad performance of M3.

We have nothing to fear from the truth

Will I be fired?

Lunch Peter Tapsell - pompous man and quite unable to stand up to my arguments that PSBR in 1980/81 was expansionary (13½Bn) yet economy collapsed whereas PSBR in 1981/82 was 10½ yet economy recovered.

Dinner Aaron and Sue Gellman