Every time the workers of this country have placed our international payments position in reasonable balance, they have immediately been faced by a New Financial Crisis which has had nothing to do with anybody in this country, so that the rewards of their abstinance and hard work have been further crises and a return to the doldrums.

Why has This New Financial Crisis arisen in the corporation's affairs?

Today, the Medical Research Council is facing a New Financial Crisis, which is directly caused by the restructuring of non-clinical academic pay scales that came out earlier this month.

Household savings were down, household debt was up, everyone was mad about buying houses - and now, especially given the low interest rates, a New Financial Crisis might be bubbling up.