"The central problem of our economy for more than a generation has been that, although our productivity has grown more slowly than that of our competitors, we have seen annual wage increases of the same order as theirs. So our inflation has risen faster than in other countries and we have been able to maintain price competitiveness and full employment only by a series of devaluations which have further added to inflation and increased the pressure for excessive wage increases. In the era of North Sea oil it will be more difficult to devalue our currency to maintain price competitiveness. So unless we can keep wage increases close to the level of productivity increase we shall face rising unemployment and a further erosion of our industrial base."
Quote Details
Added by wikiquote-import-bot
Unverified quote
0 likes
Members of the Parliament of the United KingdomLabour Party (UK) politiciansPeople from LondonAutobiographers from EnglandChancellors of the Exchequer
Original Language: English
Available Languages (1)
Sources
Memorandum ('The Pay Scene') (20 December 1977)
https://en.wikiquote.org/wiki/Denis_Healey
Revision History
No revisions have been submitted for this quote.
Categories
Denis Healey
Denis Winston Healey, Baron Healey PC (30 August 1917 – 3 October 2015) was a British Labour Party politician who served as Secretary of State for Defence from 1964 to 1970 and Chancellor of the Exchequer from 1974 to 1979. He was a Member of Parliament for 40 years (from 1952 until his retirement in 1992) and was the last surviving member of the cabinet formed by Harold Wilson after the Labour Party's victory in the 1964 general election.
68 quotes on TrueQuotesView all quotes by Denis Healey →
Related Quotes
"Britain's economic problem is fundamentally far greater than France's since France is much less dependent on foreign …"
"By his conduct of the campaign against the Labour Government Aneurin Bevan has destroyed a good chance of succeeding …"
"Nye [Bevan] thinks that the best way to win friends and influence people is to kick them in the teeth... But there is…"
"'The owl of Minerva only flies abroad when the shades of night are gathering.' Speaking for Conservatism, Hegel was r…"
"Hugh Gaitskell was absolutely right when he said yesterday that what gets cheers at this conference does not necessar…"
"I think the Services can be rightly very upset at the continuous series of defence reviews which the Government has b…"
"Keynesianism has failed."
"I warn my hon. Friends...that once we cut defence expenditure to the extent where our security is imperilled, we have…"
"We did not want middle class Robespierres."
"The upper classes in every country are selfish, depraved, dissolute and decadent. The struggle for socialism in Europ…"