I had derived from Bolingbroke an assurance that the majesty of the State might be used in the interests of the many, from Burke a belief in seeking … - Rab Butler

What struck me at the League was the prestige in which our Government and our Prime Minister are held. What has struck hon. Members who have listened to this Debate is the fact that public opinion in the dictator countries has conceived a profound admiration for our Prime Minister and our country. Our country, therefore, is the country which is in a priceless position for securing the future of peace...It seems to me that we have two choices either to settle our differences with Germany by consultation, or to face the inevitability of a clash between the two systems of democracy and dictatorship. In considering this, I must emphatically give my opinion as one of the younger generation. War settles nothing, and I see no alternative to the policy upon which the Prime Minister has so courageously set himself—the construction of peace, with the aid which I have described. There is no other country which can achieve this, and I ask hon. and right hon. Gentlemen opposite sincerely to believe that in our efforts to understand, to consult with and, if possible, to get friendship with Germany, we do not abandon by one jot or tittle the democratic beliefs which are the very core of our whole being and system. In conclusion, I must gratify the right hon. Gentleman the Member for Wakefield by quoting Shakespeare. The right hon. Gentleman will remember the little poem "Under the Greenwood Tree"—"Here shall he see" "No enemy," "But winter and rough weather". We have the winter before us, and we have a great deal of political rough weather, but in that rough weather, do not let us forget the joint idea of peace which animates us all.

There are great economic opportunities ahead of us. If we are sensible, we can have rising production and rising standards of living without constantly rising prices. Why should we not aim to double our standard of living in the next 20 years, and still have our money as valuable then as now? The faster we modernize and expand our productive capacity, the more we shall be able to increase the national wealth.

The more effective our own action to deal with our balance of payments deficit, the higher will be the [exchange] rate [of sterling], and the lower the cost of living. On the other hand, if we fail to deal with our internal problems effectively, and fail to organise the economy in a way which releases sufficient resources for exports, the rate will fall and the cost of living will rise accordingly. ... When we had gold reserves (and American aid) to take the impact of our balance of payments deficit, it was possible to insulate the economy from the failure to pay its way. This is no longer possible, and failure to pay our way will be felt by every family in the country in a rise in the cost of living.