"[I]n his report on Full Employment in 1944 Beveridge urged an unquantified outlay of government funds in order to stimulate enough demand to bring about full employment, while admitting that such a policy in 1938 would have caused a balance-of-payments deficit of £130 million... Beveridge's answer to the conundrum lay in re-equipping industry and expanding output and exports, yet he offered no detailed analysis, no pondered advice, as to how these desirable objects were to be achieved; no costings of the investment needed and how it was to be funded; and he certainly failed to consider what effect the burden of the welfare state and the cost of maintaining full employment might have on such industrial investment. In any case he placed the need to modernise British industry and raise its productivity only third in priority in his "chosen route of planned national outlay"."