Economic Situation

Part of the debate – in the House of Commons at 12:00 am on 18th July 1961.

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Photo of Mr Harold Wilson Mr Harold Wilson , Huyton 12:00 am, 18th July 1961

The noble Lord is certainly being himself. It is all right for him to shout "devaluation", but devaluation was forced on this country four years after a great war, and the Chancellor himself knows that he dare not go into the Common Market without offering devaluation first. Hon. Members opposite had better pipe down about devaluation.

The words I have just read are as apposite and as relevant to this economic crisis now as they were to that crisis which hit this country only two years after a great war—and this is sixteen years after that great war. Hon. Members who want to speak in those accents had better recognise that they must first bring to the conduct of our national affairs the same sense of social justice and moral purpose that Cripps brought. Words alone are fiduciary. They need the gold backing of action. Let hon. Members opposite who recognise this be seized with the courage that this crisis should call forth and march with us into the Division Lobby tonight.