James Callaghan

The rule of law should be upheld by all political parties. They should neither advise others to break the law, nor encourage others to do so even when they strongly disagree with the legislation put forward by the government of the day.

We used to think that you could spend your way out of a recession and increase employment by cutting taxes and boosting government spending. I tell you in all candour that that option no longer exists, and in so far as it ever did exist, it only worked on each occasion since the war by injecting a bigger dose of inflation into the economy, followed by a higher level of unemployment as the next step.

Those who advocate devaluation are calling for a reduction in the wage levels and the real wage standards of every member of the working class.