That is by getting the surge forward in investment in production which we must have - without, in consequence of that surge forward, running into an Import Crisis.

Even more ludicrous is the argument about an Import Crisis.

Right hon. Gentlemen say that we cannot expand this year, or two things will happen: first of all, there will be a boom and a price increase, and, secondly, there will be an Import Crisis.

As we said at the time of the Budget, there was no danger of an Import Crisis if we proceeded to increase production, partly because of the payments surplus and partly because the steel and coal industries as well as other marginal importers were working below capacity.

To stave off the chance of an Import Crisis which might come later in the year, will my right hon. Friend consider instructing all Government Departments to scrutinise most carefully imports of foreign goods, materials and equipment coming to this country in the next few months, because we may be on a knife edge, and with growth of expansion there might be imports by the autumn which would cause an "expansionist threat".

First, there is the Crisis of Imports.