Counter-Inflation Policy

Part of the debate – in the House of Commons at 12:00 am on 13 December 1978.

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Photo of Mr Joel Barnett Mr Joel Barnett , Heywood and Royton 12:00, 13 December 1978

As I was saying, Sir Terence was accused of trampling the national interest underfoot. I would not personally accuse Sir Terence of trampling the national interest underfoot, but I have no doubt whatever that the antics of the Opposition show a total disregard for the national interest. They are prepared to trample it underfoot for their own narrow party interest. Of that I have no doubt whatever.

The Conservatives are wrong anyway. It is not even in their party interest. The Opposition know, in the words of the London Evening News, that the pace Ford has set is impossible. They know it, if they want to be the least bit responsible. Indeed, Ford poses the central problem which was recognised by the right hon. Member for Chipping Barnet (Mr. Maudling). Anyone who wants to look seriously at the problem of how we deal with the central issue of winning the battle against inflation knows that the question is, if one stands by and allows one company to get 17 per cent. or more, what does one say to the others? This is the central problem that any Government face.