Economic Situation

Part of the debate – in the House of Commons at 12:00 am on 26th July 1955.

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Photo of Mr Cyril Osborne Mr Cyril Osborne , Louth Borough 12:00 am, 26th July 1955

The problem before us is, how are we to increase our exports? If we do not increase them, we shall, as a nation, be living beyond our income and that, of course, cannot last.

Before I deal briefly with the problem, I should like to say three things to the Chancellor. I was glad of what he said at the beginning and at the end of his speech. Speaking with all the authority which, as Chancellor, he possesses, he said that the nation is not facing an economic crisis. He said that at the beginning of his speech and at the end. He said that today there was no situation similar to the economic crises which we faced in 1947, 1949 and 1951.

The second statement that will help the nation and our economy was the emphatic denial by the right hon. Gentleman of the rumours spread from Paris about the possibility of convertibility. That should help to strengthen sterling. Thirdly, the Chancellor said—it is a thing upon which we should all agree—that we must have industrial peace. We must keep down strikes and secure industrial peace if we are to have lower production costs and greater output. I am sure that those are three most important statements which will be supported by hon. Members on both sides of the House.