"The sense of shame that the Chancellor should have felt is far more personal. It is a sense of shame for having taken over an economy with a £1,000 million surplus and running it to a £2,000 million deficit. It is a sense of shame for having conducted our internal financial affairs with such profligacy that our public accounts are out of balance as never before. It is a sense of shame for having presided over the greatest depreciation of the currency, both at home and abroad, in our history. It is a sense of shame for having left us at a moment of test far weaker than most of our neighbours...There is, I believe, a greater threat to the effective working of our democratic institutions than most of us have seen in our adult lifetimes. I do not believe that it springs primarily from the machinations of subversively-minded men, although no doubt they are there and are anxious to exploit exploitable situations. It comes much more dangerously from a widespread cynicism with the processes of our political system. I believe that the Chancellor contributed to that on Monday. I believe that it poses a serious challenge to us all...None of us should seek salvation through chaos. There is a duty too to recognise that we could slip into a still worse rate of inflation and a world spiral-ling downwards towards slump, unemployment and falling standards, with our selves, temporarily at least, well in the vanguard. What is required is neither an imposed solution nor an open hand at the till. The alternative to reaching a settlement with the miners is paralysis...The task of statesmanship is to reach a settlement but to do it in a way which opens no floodgates for if they were opened, it would not only damage everyone but it would undermine the differential which the miners deserve and which the nation now needs them to have."