"[O]ur whole future depends upon our productivity: that is, the amount of useful and valuable output which can be turned out with a given amount of labour and raw materials. To improve this is far and away the most important problem confronting this country—apart, of course, from the need to preserve peace. Unless we succeed in doing it, in a generation our standard of living will sink to that of the people of Portugal and will harm not only Great Britain but the sterling area as a whole."