The fact of the matter is that the Government were determined to create a False Crisis for political reasons and in doing so they dragged Great Britain's good name in the dirt.

There was no question of creating a False Crisis.

There is nothing in the Finance Bill that deals with them, but if the result of the False Crisis that we are in danger of talking ourselves into is that we talk ourselves and others into doing something about the sterling balances and the capital outflow, I for one shall be satisfied that we are getting something out of it.

Their sole purpose in going through the pantomime of the last two months, with talks, a False Crisis and the dramatic introduction of a short sharp incomes freeze in the certain knowledge that not a price will be frozen and that there will be a conflict over the next 90 or 150 days - however long it may be - between every section of wage bargainers and the Government, is that the conflict should be seen as a challenge by the trade unions for sovereignty in this country.

Like others, I do not intend to dwell on the budget or to continue building a sense of what is, in my view, a False Crisis about it.