Friday 30th July 1982
9.15 Funding Mtg with GH [Sir Geoffrey Howe], Gvr [Gordon Richardson], etc.
Chancellor worried about the summer and does not want to be approached on his holidays etc.
Gvr + I disagree about the need for a new long conventional - Jock B-G [Jock Bruce Gardyne] also - gives the wrong impression of gvt’s determination to keep inflation down - 7% on 2000
Lunch at IEA
PM started the Conference Speech - Ronnie Millar, Gummer + Ferdy [Ferdinand Mount] all very vague + inconclusive
- I told her she should take the high line and concerned with the long run.
- she is very worried about the cynical pick-up - even housing stats seemed to have stopped increasing
But interest rates fell ½ to 11½ this afternoon