When the right hon. Member for Battersea, North (Mr. Jay) at the beginning of his speech suggested that the policies of my right hon. Friend the Member for Enfield, West (Mr. Iain Macleod) might produce a balance of payments crisis, my mind went back to the time when I succeeded him as Financial Secretary to the Treasury in 1951. The right hon. Gentleman will remember that he left behind, and the then Chancellor left behind for the incoming Chancellor, a major balance of payments crisis. It would be unwise of the right hon. Gentleman to attack other people's policies as being likely to produce this. We know, as a matter of plain fact, that the policy with which he was directly associated as Financial Secretary had precisely that effect.
I turn to the quite extraordinary speech of the right hon. Lady the Secretary of State for Employment and Productivity. May I begin by commenting on the extraordinary fact that immediately after she had concluded a speech lasting more than an hour she left the Chamber and has not returned since.