Orders of the Day — Economic and Energy Situation

Part of the debate – in the House of Commons at 12:00 am on 19th December 1973.

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Photo of Mr Norman Atkinson Mr Norman Atkinson , Tottenham 12:00 am, 19th December 1973

The right hon. Gentleman still shakes his head, but I am a student of his comments about the economy. Those who adopt the Blimp-like attitudes of the Tories and those who support the theory of reducing the money supply must understand the consequences. If money supply is reduced as the right hon. Gentleman suggests, the level of unemployment will be possibly 2,500,000. But he is dishonest about that because he refuses to specify the consequences.

That is one of the reasons why the Treasury and others have devised a sort of gobbledegook with which they can talk among themselves about how the money supply should be reduced and how unemployment can be increased as a means of regulating the economy. They can talk about Ml and M3 because no one then knows that they are talking about unemployment or about taking the bread out of the workers' mouths. It is much better for them to be able to talk about the diminution of Ml and M3, but they are discussing unemployment. The right hon. Gentleman says that he has been wrongly quoted, but that is precisely the purpose of his argument.