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exchange controls, abolition, 44, 741

exchange rate, 93, 272, 688–90, 694, 701, 705

Exchange Rate Mechanism (ERM): MT’s attitude, 63, 554; German views, 63, 83, 692; Lawson’s attitude, 554, 566, 691, 693–700, 709–13, 722; Major’s policy, 690; path to EMU, 690–1; discussions (1979–82), 691–3; arguments (1985), 693–8; arguments (1989), 709–14; ‘Madrid conditions’, 712–13, 718, 719, 722, 723; discussion (1990), 719–21; entry of sterling, 721–4

interest rates: US, 165, 693; mortgages, 315, 698; influences, 673; controlling inflation, 690; under Major, 690; MT’s attitude, 698–9; Lawson’s attitude, 698–9, 701; nominal and real, 699n; German, 707, 714, 814; by year -

(1979), 42, 53, 54

(1980), 129

(1981), 137, 148, 153- 165, 693

(1982), 271–2

(1983). 315

(1985), 694

(1986), 698–9

(1988), 702, 705, 706, 713n

(1989), 707, 713n, 714, 718, 830

(1990), 718–19, 724, 831

Lawson budgets, 672–5

monetarism, 96–7n, 123, 688–90

monetary base, 126, 133–4

money supply, 96–7, 125–6, 272, 688–90

£M3, 96, 125–6, 134, 694–6

M3, 694

M0, 694, 699, 706

sterling: strength, 42, 126, 133–4; ERM question, 63, 83; exchange rate effects, 689; petro-currency, 692; speculative pressure, 694, 695; cost of defending, 696–7, 702; ERM entry, 721–4

Monopolies and Mergers Commission, 40, 343, 682

Moore, Charles, 840

Moore, Henry, 24, 557

Moore, Major-General Jeremy (Commander of Falklands Land Forces), 189, 232

Moore, John (Transport Secretary 1986–87, Health and Social Security Secretary 1987–88, Social Security Secretary 1988–89): Transport, 563; young people policy group, 566; election campaign (1987), 584; DHSS, 589; Health review, 608–14; illness, 608–14, 756; DSS, 614; gas privatization, 681; leaves Cabinet, 756, 758; leadership election campaign (1990), 840–1, 847, 849

Moore, Sir Philip, 18

Morning Star, 350, 365

Moro, Aldo, 83

Morocco, MT’s visit (1989), 526

Morrison, Sir Peter (PPS to the Prime Minister 1990), 572, 836–7, 840–1, 843–7, 856

mortgage: interest rates, 315, 698; tax relief, 600, 671, 672, 674

Mortimer, Jim, 298

Moss Side riots (1981), 144

Mount, Ferdinand, 278, 283, 288, 292

Mountbatten, Lord, 56, 57

Mozambique, 527

M3, £M3, see MONETARY POLICY

Mubarak, Hosni (President of Egypt 1981-), 509, 817

Mugabe, Robert (Prime Minister of Zimbabwe 1980-): Patriotic Front, 72–3; Rhodesia/Zimbabwe elections, 77–8; Melbourne CHOGM, 166; US Grenada invasion, 332; South Africa sanctions, 516, 521; MT’s visit (1989), 526–7

Muldoon, Robert (Prime Minister of New Zealand 1975–84), 166, 191, 290

Mulroney, Brian (Prime Minister of Canada 1984–93): MT’s Canadian visit (1983), 320, 321; South Africa debate, 516–17, 521, 522, 523, 531; G7, 738, 764

Murphy, Sir Leslie, 116

Murphy, Richard, 508

Murray, Len, 107, 111

Muscat, 163–4

Museums and Galleries Improvement Fund, 633

Muzorewa, Bishop Abel, 72–3, 75, 77–8

Nagy, Imre, 454

Nakasone, Yasuhiro (Japanese Prime Minister 1982–87), 299–300, 497–9

Nally, Dermot, 395

Namibia, 78, 158, 166, 514; MT’s visit (1989), 528–9

National Armaments Directors (NADs), 427–8, 430

National Association of Colliery Overmen, Deputies and Shotfirers (NACODS), 363, 365–8, 375–6

National Bus Company, 284, 678

National Coal Board (NCB): coal dispute (1981), 139–42; pit closure plans, 139–41, 342–3, 344, 357, 377, 686; attitudes to industry, 340, 342; MacGregor Chairmanship, 340, 353; NUM strike (1984–5), 344, 347, 349, 351–2, 354, 357, 360, 363–5, 369, 373–6; NACODS dispute, 363, 365–8, 375–6; electricity privatization effects, 685

National Curriculum Council, 594

National Dock Labour Board, 355, 361

National Dock Labour Scheme (NDLS), 355–7, 669

National Economic Development Council (NEDC), 94

National Enterprise Board (NEB), 39, 115–16

National Freight Corporation, 678

National Front, 296

National Graphical Association (NGA), 98, 348

National Grid, 682–3

National Health Service (NHS): management, 47; spending,