[Parliament's] uniqueness lies in its virtually uninterrupted exercise of sovereignty through the centuries, so that, in the modern world of written … - Enoch Powell

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?

In my own constituency (where I estimate that about 10 per cent of the population are immigrants from Asia or the Caribbean) I have the impression that, as no doubt elsewhere, the first phase, the sudden impact of Commonwealth immigration, is over. I am going to prophesy, however, that there will be subsequent phases, when the problem will resume its place in public concern and in a more intractable form, when it can no longer be dealt with simply by turning the inlet tap down or off. Long before the coloured population reaches 5 per cent of the total, a proportion will have filtered into the general population, mingled with it in occupation, residence, habits and intermarriage. On the other hand, the rest, numerically perhaps much the greater part, will be in larger or smaller colonies, in certain areas and cities, more separated than now in habits, occupation and way of life. The irregular pattern of population and living which grew up higgledy-piggledy in the early years of immigration will have been tidied up. It is for these colonies, and the problems thereby entailed on our descendants, that they will curse the improvident years, now gone, when we could have avoided it all.

It would be hard nowadays to find a practitioner who upon being pressed did not confess to two main propositions: the disease of inflation in its modern form is caused by an exorbitant increase in money; and, secondly, that increase is caused by governments borrowing from the banking system in order to cover excess public expenditure.