I should like to tell the members of the Scottish National Party that one of the most profound experiences in my life happened when the Glasgow unemployed, supported by Englishmen who were also concerned about unemployment and the effects of the capitalist system, marched to London and stopped in my town on the way to explain to Us the Terrible Crisis that they faced in Scotland.

Is my noble friend aware, as I am sure he is, that many believe that unless the end-year fiscal Crisis in the Us is averted, involving as it does some hundreds of billions of dollars' worth of tax rises and spending, there is a risk that the Us could return to recession, and the prospects for our exporters to the United States could be very gloomy indeed?