Here we have the whole world, not only this country, facing a New Economic Crisis.

What I think the Government are finally recognising is that in many dimensions of the New Economic Crisis facing us, their future and the whole future of their policy will depend on international agreement - international agreement to support the pound, international agreement to avoid competitive deflation, international agreement to avoid an interest-rate war, international agreement above all, to control the short-term capital movements which are certain to be vastly expanded by the injection of Arab oil revenues into the international currency scene.

This will be the New Economic Crisis that will come to Britain in the years to come if we do not deal with this problem, as we have concentrations of communities with thousands of pounds of debt hanging around their necks, limiting the choices they can make for their futures and limiting the kind of lives they can lead.