Public Ownership

Part of the debate – in the House of Commons at 12:00 am on 10th December 1971.

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Photo of Mr Eric Heffer Mr Eric Heffer , Liverpool, Walton 12:00 am, 10th December 1971

If it were entirely foreign capital it would give rise to an interesting situation, but the hon. Gentleman knows that it was not entirely foreign capital that was fleeing the country. To suggest that it was is to try once more to put a smokescreen around what happened, and what will always happen when a Labour Government are elected to office.

We know what happened when the Labour Government were in power. Some damned silly rumour in the City created such problems for the Labour Government that there was a financial crisis nearly every other week. I hope that we have learned a lesson from what happened then. At one stage things were so bad that even the suggestion that the Prime Minister was going to be ill, or that he was to leave the country, or that he might retire from the House of Commons for a week was interpreted by the City—[Laughter.]—It is no laughing matter. The City of London and the speculators caused more problems and more economic difficulties in one afternoon than all the unofficial strikers ever caused during the Labour Government's term of office. Hon. Gentlemen opposite find this very funny. They will not find it funny when the next Labour Government take office.