Tuesday 27th July 1982
Won on BAA - PM sent a note saying why no mention of privatisation and that they make profits because they are a monopoly
And on the job splitting - D Emp had not taken on board our points
Adam Ridley’s maniac idea that we should organise a devaluation to drive the markets off the obsession with a ER target of 88-92
Lunch CPS with Alfred S [Alfred Sherman] John Hoskyns Guinevere [Guinevere Tilney] Hugh Thomas - main issue PM dept and Ryder’s article in Telegraph. Ryder is a wet looking for a seat
Funding meeting - warning Bank (a) not to overfund and (b) not to issue conventional longs
They take their main funding operation still on £M3 outcome [?or outturn; word a little unclear]
Very arcane discussion but sent up a real marker about Conv. longs and need to activate IGs