Orders of the Day — Supplies and Services (Transitional Powers) Bill

Part of the debate – in the House of Commons at 12:00 am on 8th August 1947.

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Photo of Mr James Ede Mr James Ede , South Shields 12:00 am, 8th August 1947

I hope to do that before I have finished, but those most in need of cheering up should be dealt with first. In my view there have been only two periods in our history comparable with today. The first was the economic crisis which arose because of the ecclesiastical and trade policy of the Tudors, which resulted in the troubles that came about after the dissolution of the monasteries and the suppression of the Guilds. [HON. MEMBERS: "Nationalisation."] The ancestors of some hon. Members and noble Lords opposite did very well out of that nationalisation measure. Their main complaint is that we are now redressing the balance. The second instance was the economic troubles which succeeded the Industrial Revolution. As a result of the tendencies with which I have dealt, we are now faced with an entirely new position for this country, not merely and not so much with regard to its internal economy as with regard to its relationship to the rest of the world. The Labour Party, from its inception, always said: "There will come a time when Britain will no longer be the undisputed workshop of the world."