Economic Situation

Part of the debate – in the House of Commons at 12:00 am on 11 October 1976.

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Photo of Sir Keith Joseph Sir Keith Joseph , Leeds North East 12:00, 11 October 1976

This country has had an abundance of good will and I do not doubt that there has been good will. But the fact is that it has been a fool's bargain because it has committed the Government, in return for wage restraint, which was in trade unionists' own interest—a wage restraint at levels that they would in most cases not have exceeded if there had been free collective bargaining—to maintain public spending which is going to force the Government to raise taxes, as they have already been forced to raise interest rates, and to increase the inflation and the unemployment which they have already multiplied.