Orders of the Day — Budget Proposals and Economic Situation

Part of the debate – in the House of Commons at 12:00 am on 8 April 1959.

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Photo of Sir David Price Sir David Price , Eastleigh 12:00, 8 April 1959

We will not develop the matter further, otherwise we shall be involved in an arithmetical argument. The hon. Member for Orkney and Shetland has made his position clear.

I fear that the right hon. Member for Bishop Auckland was, as always, straight inflationary. He was saddened by the shortage of the public's memory of the beneficence of previous Chancellors of the Exchequer. To some hon. Members on these benches the memory of a Labour Chancellor emeritus and his performance today was infinitely more agreeable than the performance of a Labour Chancellor aspirant. Whereas the right hon. Member for Bishop Auckland continues to have a song in his heart, the right hon. Member for Huyton (Mr. H. Wilson) has only vitriol in his heart. When I listened to his speech, if one can call it that, it struck me as being one of the cheapest forms of gutter electioneering. [An HON. MEMBER: " The hon. Member should know."] I am learning fast. I was reminded of the remarks of Charles Churchill, who said: Who wit with jealous eyes surveysAnd sickens at another's praise ", because I think that the whole country praises my right hon. Friend for his very clear exposition yesterday of our economic situation and our prospects.

My right hon. Friend told us, as we had already known by reading the appropriate White Papers issued within the last few weeks, of the success of the Government's Measures last year. I say " success " unrepentantly. Reserves rose from £661 million in September, 1957, to £1,121 million in March of this year, and that includes a repayment of £71 million to the International Monetary Fund. For the first time for many years we had £120 million on visible trade account, which had not been achieved for a very long time.