That was the boast of the Government in May, yet in February they had already foreseen the Inflationary Crisis and its effects on the country.
Then the Government should have agreed when the Inflationary Crisis yawned that there would be a direct effort to increase the number of units sent abroad in exports.
As to this Clause which we seek to amend, even in the conditions of April, when there were still many who thought that the danger facing this country was deflation rather than inflation, we thought that these proposals were irresponsible and inflationary, and if we thought so then - and I am sure that the whole House must now realise how right we were about it - how much more do we feel that this argument can be sustained tonight, in the middle of the Present Inflationary Crisis?
Prices were much higher and we were facing a most Serious Inflationary Crisis at the time of the then Chancellor's Budget last year.
Since the Government have discovered this excellent way of taking industry from the inflationary areas into the deflationary areas, the Chancellor might adopt these methods in Scotland and the northern counties where industry has suffered and where instead of an Inflationary Crisis we have 92,000 unemployed.
Four main criticisms have been made of the decision to use statutory controls to combat the Inflationary Crisis which threatens us, to which the Gracious Speech refers.
Inflation is highly unpopular, but I doubt whether, even now the public fully appreciates the true dimensions of the Inflationary Crisis which had been building up in the country since the autumn of 1969, or the strength of the head of steam behind it.
over the past 12 months, which is some measure of the Inflationary Crisis which still faces this country?
The second is the Inflationary Crisis with which we are now faced, the magnitude of which, as my hon. Friend the Member for Cardiff, North said, is too little understood.
But it is precisely because of that kind of attitude that we face an Inflationary Crisis as severe as it is.
The other issue on which the public want reassurance is what the Government intend to do about the growing recession which threatens to become as important as, though it is partly a by-product of, the Inflationary Crisis.
I believe that much public expenditure is excessive and misdirected, that the excess lies at the heart of Our Inflationary Crisis, that the Government are not good entrepreneurs, and that the United States semiconductor industry owes as much to dynamic private enterprise as to Federal research and development funding.
- but the hostile view, which has been widely expressed, is that real jobs were not created at that time and that the profligate use of monetary and fiscal policy first caused an Inflationary Crisis and then led to an extremely large increase in unemployment.