On each of these occasions whenwe have had an Inflation Crisis, it has been the foreigner who has told us that we had it.

We have attempted to overcome the Crisis of Inflation with full employment and have just succeeded so far.

But this Government, facing the most serious Crisis of Inflation in our postwar history, a crisis made worse by the devaluation which has been carried out on the very verge of attempting to seek co-operation of the unions which they have been consistently slapping in the face for the past two years, have decided to do neither - neither to change the recommendation nor to defer it.

The hon. Gentleman's analysis appeared to be based on the fact that the Crisis of Inflation is so monumental that it should lead Members of all parties to treat the matter as one which transcends party differences.

The fact that land prices are virtually uncontrolled and that huge profits are being made out of land is directly relevant to the Inflation Crisis.

We have a Crisis of Inflation.

Inflation Crisis

In an Inflation Crisis we must not lose sight of our pursuit of art and excellence and in so doing bring our civilisation closer to the truth that art reveals.

Yet today an article published in The Times says thatWe do have a Chancellor who is facing the Crisis of Inflation with firmness and decision.

The two manifestos on which the Labour Party fought and won the two elections said that this country faced a major Crisis of Inflation, unemployment and of our general system.

First, at the time when the Lib-Lab pact was formed in the spring of 1977, we faced a Crisis of Inflation of about 20 per cent.

But we are in the midst of a Crisis of Inflation.