I said that physical controls will be necessary, but in my view a strong fiscal policy has more effect on the capital investment of the country than it does on the amount that is taken up by consumers in the country. That is the very point which I think the hon. Member tried to bring out. I therefore welcome this policy of making money scarcer and dearer at the present time. I believe that it was because of the Labour Party's absolute refusal to face up to this that so much of their planning was bedevilled and led them from one financial crisis to another.
My second consideration was with regard to competition. Here, I have one or two things to say which perhaps will find support on the other side.