Economic Affairs

Part of the debate – in the House of Commons at 12:00 am on 26th July 1966.

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Photo of Mr Frank Allaun Mr Frank Allaun , Salford East 12:00 am, 26th July 1966

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.