"The more effective our own action to deal with our balance of payments deficit, the higher will be the [exchange] rate [of sterling], and the lower the cost of living. On the other hand, if we fail to deal with our internal problems effectively, and fail to organise the economy in a way which releases sufficient resources for exports, the rate will fall and the cost of living will rise accordingly. ... When we had gold reserves (and American aid) to take the impact of our balance of payments deficit, it was possible to insulate the economy from the failure to pay its way. This is no longer possible, and failure to pay our way will be felt by every family in the country in a rise in the cost of living."
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Members of the Parliament of the United KingdomUniversity of Cambridge alumniAcademics from the United KingdomGovernment ministersConservative Party (UK) politicians
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Rab Butler
Richard Austen Butler, Baron Butler of Saffron Walden, KG, CH, DL, PC (9 December 1902 – 8 March 1982), also known as R. A. Butler, was a British Conservative politician. Butler was passed over twice as a potential Prime Minister, but did serve in the other three Great Offices of State (Chancellor of the Exchequer, Home Secretary and Foreign Secretary).
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