Some problems are unavoidable. Some evils can be coped with to a certain extent, but not prevented. But that a nation should have saddled itself, without necessity and without countervailing benefit, with a wholly avoidable problem of immense dimensions is enough to make one weep. That the same nation should stubbornly persist in allowing the problem, great as it already is, to be magnified further, is enough to drive one to despair.

It would be different if there were some great widespread public indignation and demand: "Away with the prescriptive upper house of Parliament". There is not. There was recently carried out by Mr. McKenzie and a colleague of his a survey of working-class political attitudes called Angels in Marble. They found that "only one-third of the entire working class sample, and only a slightly higher proportion of Labour voters, favoured abolishing the Lords or altering it in any way…About a third of the whole sample" of working-class voters in the country "see the Lords as an intrinsic part of the national tradition or of the government of the country." As so often, the ordinary rank and file of the electorate have seen a truth, an important fact, which has escaped so many more clever people—the underlying value of that which is traditional, of that which is prescriptive.

What happens then when majorities in the directly elected European Assembly take decisions, or approve policies, or vote budgets which are regarded by the British electorate or by the electorate of some of the mammoth constituencies as highly offensive and prejudicial to their interests? What do the European MPs say to their constituents? They say: “Don't blame me; I had no say, nor did I and my Labour (or Conservative) colleagues, have any say in the framing of these policies”. He will then either add: “Anyhow, I voted against”; or alternatively he will add: “And don't misunderstand if I voted for this along with my German, French, and Italian pals, because if I don't help roll their logs, I shall never get them to roll any of mine”. What these pseudo-MPs will not be able to say is what any MP in a democracy must be able to say, namely, either “I voted against this, and if the majority of my party are elected next time, we will put it right”, or alternatively, “I supported this because it is part of the policy and programme for which a majority in this constituency and in the country voted at the last election and which we shall be proud to defend at the next election”. Direct elections to the European Assembly, so far from introducing democracy and democratic control, will strengthen the arbitrary and bureaucratic nature of the Community by giving a fallacious garb of elective authority to the exercise of supranational powers by institutions and persons who are – in the literal, not the abusive, sense of the word – irresponsible.

Inflation is caused by a continuing surfeit of money; inflation can therefore be controlled or prevented only by striking at the source of money surfeit. It follows that all prices and incomes policies are irrelevant and futile, whether they are voluntary or compulsory. If the surfeit of money continues, then all prices and incomes must rise accordingly.

[More than a year ago I] ventured to inquire of the Prime Minister in the House of Commons whether he had taken leave of his senses. In the circumstances it was a solicitous but not unreasonable inquiry. The Government had suddenly embarked upon a course on which their predecessors had shipwrecked; which in Opposition they had consistently opposed and denounced; on which at the general election they had promised not to embark; and which ministers had been unanimously and indignantly repudiating until a few weeks before... The rate of inflation has not been lower during the period of the statutory counter-inflation policy: it has been higher. So official apologists have had to resort to the last refuge of the disconcerted: to claim that things would have been even worse without the policy... The greater evil still of all statutory counter-inflation policies is the antagonism, at once futile and disastrous, which they inevitably set up between the state on one side and the various classes and interests in the community on the other side. The danger of this was frighteningly illuminated by the Prime Minister's outburst last week against the miners, who, whether or not they are wisely led by their trade unions, have neither done nor threatened to do anything which is against the law. Yet the accusation was brought against them that, because the House of Commons had approved a government White Paper and a code which, in terms of law, is binding (if it all) only upon the Price Commission and the Pay Board, therefore the miners are defying Parliament and the people's elected representatives and placing themselves beyond the pale of the constitution. To say this is to blur, indeed to deny, the very distinction on which constitutional liberty rests, the distinction between law and not-law. If possible, more breathtaking still was the Prime Minister's assertion that (in his own words) the responsibility of the Government "expressed in the price and pay code, is not the responsibility we sought; it was a responsibility which Parliament gave us because there is no other way of containing inflation in this country". One cannot but entertain fears for the mental and emotional stability to whom such language can appear rational.

That power and that glory have vanished, as surely, if not as tracelessly, as the Imperial fleet from the waters of Spithead—in the eye of history, no doubt as inevitably as “Nineveh and Tyre”, as Rome and Spain. And yet England is not as Nineveh and Tyre, nor as Rome, nor as Spain. Herodotus relates how the Athenians, returning to their city after it had been sacked and burnt by Xerxes and the Persian army, were astonished to find, alive and flourishing in the blackened ruins, the sacred olive tree, the native symbol of their country. So we today at the heart of a vanished empire, amid the fragments of demolished glory, seem to find, like one of her own oak trees, standing and growing, the sap still rising from her ancient roots to meet the spring, England herself.

When we speak of the pride and self-confidence of our nation, the Crown—the Monarchy—is absolutely central; nor do I know how better one would gauge the state of this nation's psychological health, of its national morale, than by its attitude towards its greatest, its unique, institution... Of all the sources of true and proper pride to a British person none is greater than the common possession of the Crown. I use the word "possession" advisedly, in its full and most literal sense. Because our Crown is the product of the history of this nation, because it grows like an oak in the soil of these islands, it is therefore the personal possession of every citizen and subject, however humble, however poor. It is a total misconception...to suppose that there is anything of class, anything which is restrictive or destricted, about the Crown. Whatever may be said of any other institution, the Crown is the common, precious and hereditary jewel of all British subjects and of all the people of this country. To approach that common possession, that symbol and personification, with the attitude, "How ungenerous can we be? How little can we contrive to spend upon it? How much can we clip?"—not of its magnificence, for it has ever been the pride of English greatness not to be magnificent through lavishness, but in more fundamental ways—"How much can we restrict the outward signs and manifestations of what the Crown is to this country?" is a sign that we are still divorced from the pride and self-confidence without which a nation cannot face the world and without which this nation cannot learn to face the world again.

I believe a second factor which has weighed heavily in this matter is the attitude, or supposed attitude, of the United States. I confess that I am not greatly moved by this. Whatever may be the attitude of the American Government and public to the United Kingdom as such, my view of American policy over the last decade has been that it has been steadily and relentlessly directed towards the weakening and the destruction of the links which bind the British Empire together. [Cyril Osborne: "No!"] We can watch the events as they unfold and place our own interpretation on them. My interpretation is that the United States has for this country, considered separately, a very considerable economic and strategic use but that she sees little or no strategic use or economic value in the British Empire or the British Commonwealth as it has existed and as it still exists. Against the background I ask the House to consider the evidence of advancing American imperialism in this area from which they are helping to eliminate us.

The Tory principle is the opposite: to trust the people. This has been expressed in practical terms in our actions in the last twelve years. We dismantled and abolished the economic controls, licensing, rationing and powers of direction inherited from the war and post-war Socialism; we restored a market for savings and abandoned the rigging of artificial rates of interest, which had been a fruitful cause of inflation; we imposed on the nationalised industries, apart from those restored to the free economy, the discipline of making comparable profits with what similar investments elsewhere would produce, and we undertook a major surgical operation on the railways to enable them also to earn profits; in our trade policy we sought the widest and most competitive markets for our exports... in taxation policy we have aimed at leaving to the individual earner and the individual firm the free disposal of as large a proportion as possible of their income or profits; finally there is our determined and increasingly successful effort to keep for our money that stability of value which enables people to take their own decisions about spending and saving in terms which have a meaning.

The Bill ... does manifest some of the major consequences. It shows first that it is an inherent consequence of accession to the Treaty of Rome that this House and Parliament will lose their legislative supremacy. It will no longer be true that law in this country is made only by or with the authority of Parliament... The second consequence ... is that this House loses its exclusive control—upon which its power and authority has been built over the centuries—over taxation and expenditure. In future, if we become part of the Community, moneys received in taxation from the citizens of this country will be spent otherwise than upon a vote of this House and without the opportunity ... to debate grievance and to call for an account of the way in which those moneys are to be spent. For the first time for centuries it will be true to say that the people of this country are not taxed only upon the authority of the House of Commons. The third consequence which is manifest on the face of the Bill, in Clause 3 among other places, is that the judicial independence of this country has to be given up. In future, if we join the Community, the citizens of this country will not only be subject to laws made elsewhere but the applicability of those laws to them will be adjudicated upon elsewhere; and the law made elsewhere and the adjudication elsewhere will override the law which is made here and the decisions of the courts of this realm.

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<nowiki>[</nowiki>Chernobyl has strengthened the] growing impulse to escape from the nightmare of peace being dependent upon the contemplation of horrific and mutual carnage. Events have now so developed that this aspiration can at last be rationally, logically and – I dare to add – patriotically seized by the people of the United Kingdom if they will use their votes to do so.

Does my right hon. Friend not know that it is fatal for any Government or party or person to seek to govern in direct opposition to the principles on which they were entrusted with the right to govern? In introducing a compulsory control of wages and prices, in contravention of the deepest commitments of this party, has my right hon. Friend taken leave of his senses?

[W]ith a floating rate we should still have to cope with our own domestic inflation. Of course, with a floating rate we cannot guarantee this or that rate of increase in our domestic product. But, with a floating rate, of this we can be sure, that we shall not artificially, for the sake of a shibboleth and a fetish, impose upon this country alternately the evils of deflation and of inflation, that we shall not go on repeating the bad film seen so often during the last 25 years.

I [also] know that, on my deathbed, I shall still be believing with one part of my brain that somewhere on every ocean of the world there is a grey, grey ship with three funnels and sixteen-inch guns which can blow out of the water any other navy which is likely to face it. I know it is not so. Indeed, I realised at a relatively early age that it is not so. But that factor – that emotional factor... will not die until I, the carrier of it, am dead.