This would cut our present deficit on the balance of payments. Most people in the country would heave a sigh of relief at this.
The new situation adds tremendous force to the resolution tabled by the Transport and General Workers' Union for the annual Labour Party conference in the autumn, which, along with many of the other affiliated organisations, is urging substantial cuts in arms expenditure. How drastic is drastic? It is a great deal more so than was believed to be necessary even a few weeks ago. A cut of £700 million a year, or one-third of our total arms programme, is required to put our country into a solvent position.