Balance of Payments

Part of the debate – in the House of Commons at 12:00 am on 22 January 1974.

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Photo of Mr Jo Grimond Mr Jo Grimond , Orkney and Shetland 12:00, 22 January 1974

Does the right hon. Gentleman not agree that it is time the Government gave up describing the present situation as arising from the problems of success? Is it not the case that we now face one of the worst economic situations that this country has ever gone through, and that the pound is at its lowest against the dollar that it has ever been? Must we not then give up the idea of growth for growth's sake, fed by inflation, and concentrate such resources as we have upon social priorities? Second, what will be the effect of the floating of the franc upon the common agricultural policy?