We must worry about reflation, because, when it comes, it may have to be so massive and there may have to be such a big injection of demand in the Home market that we shall be in danger of going right back to square one and shall have to relive the Horrible Crisis from which we are only now, we hope, beginning to emerge.

The simple point that I would make, in what I hope is a constructive debate, is that if we simply carry on, under clause 1, which I want to eliminate, giving more power and cash to the EEC, we shall slip into a Horrible Crisis.