The EEC however is not, and never has been, about freedom of trade: it is about, and always has been about, a closed-off internal trading system in E… - Enoch Powell

Public and private expenditure are not the same in their financial and economic effects. There is a very important difference between your expenditure and mine and the Government's expenditure. If you and I intend to spend but find we have not enough money, we have no choice but to think better of it. Not so the Government; if they are short, they can either make you and me pay more in taxation, or else they can actually create additional money... For politicians to increase public expenditure is easy and sweet; to refrain from increasing it, let alone to reduce it, is hard and uncomfortable. Thus it is that government intentions to spend get carried through, irrespective of whether this results in money being created faster than goods and services—irrespective, in other words, of the inflation which ensues. That is why Lord Cromer was perfectly right in saying that a high level of public expenditure causes inflation.

In order for all prices to rise—in other words, in order for the value of money to fall—it is necessary, it is elementary, that the supply of money, whatever precisely is meant by that, or whatever precise measurement is applied to it, should be increasing relative to the supply of goods and services; and since the supply of goods and services, however unsatisfactory we might find its growth, is certainly not diminishing, we are clearly confronted with the effective consequences of a growth in the money supply. Indeed, in a modern economy, long-term inflation—that which we have experienced in the past and of which we are experiencing an acute phase at the moment—can be explained or accounted for only in terms of the rate of increase of the money supply.

I could not vote for any legislation which would legalise a constitution for Southern Rhodesia under which there would not be evident and relatively early advance to majority rule.