The people who founded the Working Men's College understood all this very well. The working men for whom this institution was created had a thirst fo… - Enoch Powell

Before more months or years are spent by Ministers, by economic staffs, by industrialists and by trade unionists, in a pursuit which is as foredoomed to futility as filling a sieve or making a rope of sand, it is time to call a halt, and to declare in round and unmistakeable terms that an incomes policy, in any relevant or useful sense, does not and cannot exist—except perhaps in a communist dictatorship.

I make no apology for once again reminding the House, and particularly my right hon. and hon. Friends, of what was our view not so long ago on the policies which have led us to this stage. I do so in no spirit of criticism or of recrimination, but because I believe that there are practical and important deductions to be drawn from recalling the fact that when the Conservative Party was elected by a majority we told the country that we utterly rejected the philosophy of compulsory control of wages. We said that we had seen the Labour Government's statutory control of wages fail and that we did not intend to repeat it. We did not make those statements as a matter of mere theory. We did not make them, as it were, in the margin or idly. They arose not only from theory but from the observation, both in this country and elsewhere, that the attempt to combine Government policies which in themselves are inflationary with the endeavour to regulate and control prices and wages has invariably and inevitably led to an impasse and to irresolvable conflict between the demands of Government on the one hand and the realities, as the private citizen sees and knows them, on the other. We were speaking not merely from theory but from experience.

Will the right hon. Lady take the opportunity today and every day to make clear to the country, as only she can, that the courses that are being commended to her by the official Opposition and by many other voices mean nothing but a deliberate return to hyper-inflation?