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" "For too long, perhaps ever since the war, we postponed facing up to fundamental choices and fundamental changes in our society and in our economy. This is what I mean when I say we have been living on borrowed time. For too long this country – all of us, yes this Conference too – has been ready to settle for borrowing money abroad to maintain our standards of life, instead of grappling with the fundamental problems of British industry. Governments of both parties have failed to ignite the fires of industrial growth in the ways that countries with very different political and economic philosophies have done.
Leonard James Callaghan, Baron Callaghan of Cardiff (27 March 1912 – 26 March 2005), commonly known as Jim Callaghan, was a British politician who served as Prime Minister of the United Kingdom from 1976 to 1979 and Leader of the Labour Party from 1976 to 1980. Callaghan is the only person to have held all four Great Offices of State, having served as Chancellor of the Exchequer from 1964 to 1967, Home Secretary from 1967 to 1970 and Foreign Secretary from 1974 to 1976. He was a Member of Parliament (MP) from 1945 to 1987.
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Now we must get back to fundamentals. First, overcoming unemployment now unambiguously depends on our labour costs being at least comparable with those of our major competitors. Second, we can only become competitive by having the right kind of investment at the right kind of level, and by significantly improving the productivity of both labour and capital. Third, we will fail – and I say this to those who have been pressing about public expenditure, to which I will come back – if we think we can buy our way out by printing what Denis Healey calls ‘confetti money’ to pay ourselves more than we produce.
When I was young, we didn't discuss abortion or homosexuality. What I think most people feel is that we don't want all these particular areas to be aggressive when there is a feeling of tolerance of them which is generally understood and accepted. But if they become aggressive in minority interests...that is something I feel many people – and certainly I myself – recoil from. ... [The] nuclear family is the most loving you can have.