 185  4. The Chancellor of the Exchequer impressed on the House that all that was needed was that everyone should behave sensibly and realize that if the country threw away this opportunity it might be long before it got another anything like so favorable. Stable prices could be assured only by price reductions in the field where progress was fastest and If the benefits of progress for which the whole community was responsible were shared by the whole community. 5. The Prime Minister's speech in New York is widely accepted in Continental European financial quarters as a convincing political assurance that he does not plan any devaluation, but there are doubts whether he can successfully defend the pound while also insisting on maintaining economic growth and full employment in Britain. It is conceded that the Labor Government is likely to succeed in balancing Britain's capital account by the end of next year by restricting capital outflow, but it is stressed that it is-not the capital account but the trade account which matters. 6. This system makes a mockery of democracy. The more the "freedom" of these people is interfered with, the more freedom is extended for the majority. The more their right to make profits is limited, the more the rest of the community will benefit. 7. That view will gain ground because a new shock awaits the Parliamentary Labor Party and the Labor movement. The Prime Minister appears to have won the case, and carefully calculated leaks are coming from Cabinet Ministers to prepare us all for yet one more reversal of policy. 8. It is not the critics of the Minister of Economy who are cynical. That is a word which could be more accurately applied to a Minister who says he is for prices being kept down, and then supports a Budget which puts them up. 9. If British economic commitments and promises are to be fulfilled and the presence of a new Minister for Overseas Development in the Cabinet means what the Prime Minister seemed to imply it meant on Monday evening, the aid program is unlikely to be pruned much, if at all. 10. If the staff at Labor Party headquarters get the 12½ per cent pay rise which it is reported they are to be offered, or the bigger increase they may ask for, they will no doubt congratulate themselves not only on their own efforts, but on having employers prepared to stand up to the Government and defy the pay freeze. 185 |
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