"It is noteworthy that neither the Labour Party's plans for "reconstructing and regenerating" Britain nor the so-called or alleged "social contract" makes provision for reconstructing and regenerating the one British institution which most of all shackles our productive progress and denies us prosperity. I refer of course to the trades unions, whose insistence on over-manning and on rigid demarcations is responsible for the low productivity and want of flexibility of operation in British industry, as was finally and conclusively proved by the experience of the three-day week... It might be thought that it was time that the trade unions, who claim so much in terms of power and privilege and yet contribute so little towards the achievement of a British economic miracle, were compulsorily reconstructed too. Such a course is of course politically out of the question. But then it is already clear from the manifestos and the speeches that, over the entire field of policy, what is nationally necessary is still politically impossible. Adjustment to reality being therefore...too painful a cure for us voluntarily to adopt, we shall fool on until there is no more foreign money to be borrowed, but only to be repaid, and catastrophe at last forces adjustment to reality upon us."