CONFIDENTIAL
11.
As you will see from Philip's speech there is an underlying note of optimism which I share, and I therefore do not want you to get this analysis out of proportion. Nevertheless the present drift could become dangerous if allowed to continue, and we have no intention of allowing it to do so. If this means some contribution through rephasing in the public sector it must be accepted, though naturally we will keep it to the minimum. It is of course some time until the moment of decision is reached.
CONFIDENTIAL
Me