What makes you think I care about my political career? All that matters to me is what is happening in the world, which I think is heading for disaste… - Roy Jenkins

First, there is really no sign at all of any significant reduction in unemployment without a major change in policy...Unemployment has probably levelled out but at a totally unacceptable figure. Secondly, contrary to what the Secretary of State said, the post-oil surplus prospect—not merely the post-oil prospect, because the oil will take a long time to go, but the surplus, the big balance of payments surplus, which is beginning to decline quite quickly—still looks devastating...our balance of payments is now overwhelmingly dependent on this highly temporary and massive oil surplus. Our manufacturing industry is shrunken and what remains is uncompetitive...We have a manufacturing trade deficit of approximately £11 billion, all of which has built up in the past three to four years. This is containable by oil and by nothing else. Invisibles can take care of about £4 billion or £5 billion but they cannot do the whole job. As soon as oil goes into a neutral position we are in deep trouble. Should it go into a negative position, the situation would be catastrophic...To sell off a chunk of capital assets and to use the proceeds for capital investment in the rest of the public sector might just be acceptable. However, that is not what is proposed, and what is proposed cannot be justified on any reputable theory of public finance; and when it is accompanied by a Minister using the oil—which might itself be regarded as a capital asset; certainly it is not renewable—almost entirely for current purposes, it amounts to improvident finance on a scale that makes the Prime Minister's old friend General Galtieri almost Gladstonian.

Our determination to ensure good community relations is unswerving. There is no room for racial hatred in our crowded island. We cannot afford not to make a success of a multi-racial society. A moving speech was made the other day in the other place by Lord Pitt, himself a distinguished citizen of London of West Indian origin. In that speech, he looked forward hopefully to a harmonious multiracial Britain setting an example to the world. He spoke on a high level of moral seriousness, but reminded us too that our self-interest is also served by racial harmony and tolerance. I agree with that view, and would share Lord Pitt's hope, but I do not see it as an easy or even a certain outcome, at any rate in this generation. Its accomplishment will depend on the minority community accepting that this country will not take, in Lord Pitt's own words, a "large and unending stream" of dependants, and on the majority community accepting that tolerance is one of the greatest and most traditional of British virtues and that if that tradition is broken we shall all of us suffer deeply, both minority and majority, and suffer for many years to come.

There has always been a left, an extreme left, in the Labour Party. ... there is now more of an attempt, patchy, but an attempt by extremist organizations to infiltrate and work through the Labour Party at the present time—the phrase is 'entryism'. It is something which is certainly there and which one certainly has to beware of.