But it is still a very depressing situation at a time of Unparalleled Economic Crisis, when not only is it true that those who are fair-minded realise that there has to be a considerable reduction in expenditure if we are not to go on enfeebling our economy, but the United States Defence Secretary, Mr. Schlesinger, a few weeks ago was prepared to concede that the nuclear deterrent was no longer a valid concept.

Is the right hon. Gentleman really saying, at a time of Unparalleled Economic Crisis, with rampant inflation at an unprecedented and accelerating rate, that our sole protection is a socal contract which is so fragile and feeble that one or two newspaper reports can blow it to pieces?