International Monetary Fund (Letter of Intent)

Part of the debate – in the House of Commons at 12:00 am on 5 December 1967.

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Photo of Mr John Smith Mr John Smith , Cities of London and Westminster 12:00, 5 December 1967

We need to show the utmost solidarity of purpose to the world if we are to get out of our difficulties. Therefore, although this is a Labour document, I say that the Letter of Intent is unexceptionable. It contains a little claptrap about internal Government borrowing, about the "sale of debt to the non-bank public", but there is not much harm in that. Apart from that, there are in it a few facts, some decisions, some hopes, and a ritual concession to the "Furies" in paragraph 3. There are only three references to consultation, two of which are really part of the same reference; and this consultation is of a sort which can be none other than of great help to us. I am sorry that the Government's policies obliged the former Chancellor to write this letter, but, reduced to it as he was, I congratulate him on its form and on its content.