Yet even though that picture is dark and darkening, there is one factor which has not yet been injected. I do not know whether it will be tomorrow, o… - Enoch Powell

[A]s long as the rate is fixed the speculator is on a one-way option. As soon as the rate is determined by the market, speculation is equal and opposite at the market rate. One has only to imagine what would be the position—and it is not an entirely out-of-the-way analogy—if there were to be fixed rates on the Stock Exchange. Everyone would know when they were false and did not correspond with the realities. The consequence would be that from time to time we should have to unpeg the fixed rates, with catastrophic changes of value, instead of the market rates being determined by the judgments of all who participate in the market. The same happens with a floating rate for a currency.

The clause is an example of one of the most prevalent and damaging fallacies in this whole subject—the fallacy of supposing that the consequences that are apprehended from the massive substitution, in various parts of the country, for the indigenous population of a population from overseas are either due to what is called physical deprivation, poverty, and so on, or can be in any way alleviated, avoided or foreclosed by material provision...It is by no means true that the areas of maximum New Commonwealth immigrant entry—the locations of what Lord Radcliffe many years ago called "the alien wedge"—are characteristically or specifically coincident with the areas of greatest poverty and desuetude in our cities. In some cases the two coincide. Sometimes, naturally, this happens in the central and rundown areas—run down because they are central—that because they are central it is in those areas that major immigrant populations are found...Over and over again this easy illusion has been propounded, and as often experience has disposed of it. It is not because people are poor, to the extent that they are poor, and it is not because they live in the streets of the inner cities, in which the indigenous population of this country has lived—gradually improving, and in some cases rapidly improving over generations—that we apprehend what will be the consequence when one-third of some of the major cities and industrial areas of our country is in New Commonwealth occupation. It is because of human differences. It is because of the clash and contrast between two populations which contend for the same territory.

She has peaked. I have the feeling of 1945. Mrs Thatcher has never known losing office as Gladstone did and the need to face changing circumstances and clear new obstacles before returning to power.