Economic Situation

Part of the debate – in the House of Commons at 12:00 am on 23rd January 1958.

Alert me about debates like this

Photo of Mr Roy Jenkins Mr Roy Jenkins , Birmingham Stechford 12:00 am, 23rd January 1958

I was trying to deal with one of the stock arguments produced from the other side, and all that happened was that two others were produced. I do not want to go over all that ground again.

Not only during these two years have we had a double rate of foreign exchange crisis, but we have had, even taking into account the enormous benefit we got from the change in the terms of trade, no real approach to price stability at home. The home price situation has not become any easier. There is some flattening out because, as the Chancellor told us this afternoon, we have had an enormous bonus during the past year as a result of the change in the terms of trade.

I now turn from the ex-Chancellor to the future Chancellor, because, as the right hon. Member for Monmouth himself said, it is the future which is even more important than the past.