"When perhaps any Government would have been broken by economic events beyond the control or even the influence of this country—but when the outdated Treasury views of the pre-Keynes era, reinforced by the Puritan Cobdenism of Snowden, prevented any expansionist action to relieve unemployment. Men were sacrificed and left to rot under the Treasury doctrine that the way to deal with unemployment caused by chronic deficiency of demand was to add to that deficiency by cruel retrenchment."
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Politicians from EnglandMembers of the Parliament of the United KingdomLabour Party (UK) politiciansChancellors of the Exchequer
Original Language: English
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Harold Wilson, speech at a luncheon in the House of Commons to commemorate the centenary of Ramsay MacDonald's birth (12 October 1966), quoted in The Times (13 October 1966), p. 12
https://en.wikiquote.org/wiki/Philip_Snowden%2C_1st_Viscount_Snowden
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Philip Snowden, 1st Viscount Snowden
Philip Snowden, 1st Viscount Snowden (18 July 1864 – 15 May 1937) was a British politician, and the first Labour Chancellor of the Exchequer. He broke with Labour policy in 1931, and was expelled from the party and excoriated as a turncoat, as the party was overwhelmingly crushed that year by the National Government coalition that Snowden supported.
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