"Conditions have greatly changed in Great Britain since the end of the war owing to the existence of full employment. Negotiations about wages between the two sides of industry now take place in entirely different circumstances. There is no reserve of labour to compete for jobs. ... If wages rise faster than productivity the increases in cost can usually be passed on in increased selling prices. There is thus in the economic system very much less check on the upward movement of money wages. ... [I]f wages at home rise unchecked, it is more likely in general that exports will gradually cease to be competitive and there will be balance of payments difficulties. These can be met, in the end, by devaluation. A succession of devaluations completely undermines confidence in any currency. ... It is clear that a very difficult problem faces a country such as ours, which wishes to maintain full employment and yet to avoid the undoubted evils of rising prices and balance of payments difficulties abroad."
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Anti-apartheid activistsMembers of the Parliament of the United KingdomActivists from EnglandLabour Party (UK) politiciansUniversity College London faculty
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Hugh Gaitskell
Hugh Todd Naylor Gaitskell (9 April 1906 – 18 January 1963) was a British politician and leader of the Labour Party from 1955 until his death.
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