Public Expenditure

Part of the debate – in the House of Commons at 5:40 pm on 5 December 1979.

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Photo of Mr Robert Sheldon Mr Robert Sheldon Chair, Treasury & Civil Service Sub-Committee 5:40, 5 December 1979

Not at all. Exchange control regulations will need to be reimposed at some stage—in my view in the lifetime of the present Government. It is the present Government who will bring it about.

The Chancellor of the Exchequer has said again and again that there is no alternative to monetarism. He has sounded as if he is trying to maintain his morale and that of the Government. We all know that there are different voices in the Government. Some expected to see results from the present very tight restrictive policies. The results will not be attractive, either to the Government or to the country. We hope that sensible voices will pull back from the brink those who are pursuing the present policy. Their help will be needed before long.