The prospect of a Russian conquest of Western Europe is one for which history affords no material. The theory that the Russians have not advanced from the Elbe to the Atlantic because of the nuclear deterrent is not more convincing than the theory that they have not done so because they do not want to do so and have never envisaged, unless perhaps in terms of world revolution, a Russian hegemony in Western Europe... Of all the nations of Europe, Britain and Russia are the only ones, though for opposite reasons, which have this thing in common: that they can be defeated in the decisive land battle and still survive. This characteristic, which Russia owes to her immensity, Britain owes to her moat.

Independence, the freedom of a self-governing nation, is in my estimation the highest political good, for which any disadvantage, if need be, and any sacrifice are a cheap price. It is worth living for; it is worth fighting for; and it is worth dying for.

The question...of membership [of the EEC] resolves itself...into the most basic of all possible questions which can be addressed to the people of any nation: can they, and will they, so merge themselves with others that, in face of the external world, there is no longer ‘we’ and ‘they’, but only ‘we’; that the interests of the whole are instinctively seen as over-riding those of any part; that a single political will and authority, which must necessarily be that of the majority, is unconditionally accepted as binding upon us all? That is the question. That is what the real debate is about... For myself, I say that to me it is inconceivable that the people of this nation could or would so identify themselves politically with the peoples of the continent of Western Europe to form with them one entity and in effect one nation.

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.

We believe that a society where men are free to take economic decisions for themselves—to decide how they will apply their incomes, their savings, their efforts—is the only kind of society where men will remain free in other respects, free in speech, thought and action. It is no accident that wherever the state has taken economic decision away from the citizen, it has deprived him of his other liberties as well. It is not that there was some peculiarity in the character of the Russians or the other Communist nations which predisposed them to servitude. It is that state Socialism is incompatible with individual liberty of thought, speech and action. You may choose one or the other: you cannot have them both.

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In old age it is no longer possible to credit the sheer, almost physical agony which is caused in youth by the passage of time, when the turning of spring into summer arouses pain as lively as the pain of toothache. The succession of the seasons is like a recurrent inescapable catastrophe, which sweeps away what is young and beautiful, and what is beautiful because it is young.

Once got within the walls, physical and liturgical, of the Church of England, I was proud enough and English enough to see that it was a goodly inheritance from which, like a prodigal son, I had so long deliberately exiled myself. However, like someone who returns after long absence to an ancestral home, I looked at the half-familiar scenes with new eyes. Here was yet another kind of truth which I had not suspected. For all the wonders of the national church and its mother tongue, there was no stopping-place there, no rest for the soles of the feet. I discovered that whoever entered the south door of a parish church had stepped inside the Church Universal. The more he laboured to understand and to render intelligible the inheritance of his own church, the more plainly he would confront the fact of the Catholic Church: that the truth of the Gospel and the truth of the Church, the existence of the Gospel and the existence of the Church, the knowledge of the Gospel and the knowledge of the Church, are indivisible, and the one unthinkable without the other. I had been compelled to acknowledge a truth that is corporate, and when I had done so, I noticed that the loyalties I had lived with in war and peace had been corporate too.

While yesteryear I tarried
In a garden in the south,
I met a youth who carried
A rose-bud in his mouth.<p>I gave him chase and caught him,
And would not set him free,
But held him and besought him
To give the flower to me.<p>He smiled, and broke a petal
And laid it in my hand—
It seared like molten metal,
And here is yet the brand.

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.

We are a capitalist party. We believe in capitalism. When we look at the astonishing material achievements of the West, at our own high and rising physical standard of living, we see these things as the result, not of compulsion or government action or the superior wisdom of a few, but of that system of competition and free enterprise, rewarding success and penalising failure, which enables every individual to participate by his private decisions in shaping the future of his society. Because we believe this, we honour profit competitively earned; we respect the ownership of property, great or small; we accept the differences of wealth and income without which competition and free enterprise are impossible. If there is one single explanation of the contrast which exists today between the countries we call "underdeveloped" and the advanced societies of the West, that explanation is that these societies have enjoyed for generations the benefits of capitalist free enterprise, whereas the "underdeveloped" countries have not.

Wages, profits, prices are determined, always have been determined, and always will be determined until we go Communist, by the market—by supply and demand working through the market. While we tie ourselves into knots trying to invent non-market criteria for our commissions to use, the market is there, noiselessly, efficiently, irresistibly doing the job for us all the time. Irresistibly—yes, and there's the rub. For there is one thing outside the market in a modern economy, and that is money itself. Governments can and do satisfy the demand for money, raise and lower the supply of money. In short, governments have the power to control money, which is so largely their own creation. If governments allow monetary demand to increase faster than productivity, the market will not stop the process, because it cannot stop it. The market will simply go on determining wages, profits and prices in ever higher monetary terms—until something busts.

By one of those happy combinations of circumstance in English history which half persuade us that our nation is specially favoured by Providence, the Book of Common Prayer was preserved intact through more than four centuries while the passage of time subtly imparted to it the supercharge of archaism and familiarity which it could not possess at the outset but which make it a uniquely English vehicle of religious and ritual expression.

The explosion in productive energy which capitalism unleashed in the nineteenth century was accompanied by social evils and hardships which have since been outgrown and abolished. It has been possible to do so by means of that very increase in production itself, just as future social improvement will depend on the rate of our future economic advance. What tragic folly it would be if modern Britain were to cast away the subtlest and most efficient system mankind has yet devised for setting effort and resources to their best economic use, and were to go right back to the clumsy methods and crude fallacies which our forefathers thought they had left behind for ever.