I wouldn't object strongly to leaving the EU. The advantages of being members of the union are not obvious. The disadvantages are very obvious. I can… - Denis Healey

Keynesianism has failed.

The Budget I have presented today is a hard one for all of us in Britain. It is dictated by the harsh reality of the world we live in. A severe Budget is a necessary element in any strategy for improving the overall performance of our economy, which has been lagging increasingly behind most industrial economies for more than a single generation. Added to the need for measures to produce the essential structural changes in the balance of our economy are the burdens we carry with other countries because the explosion of world prices has cut our real income by 4 per cent. But in this situation the key to our immediate success is the rate of inflation inside Britain, and it is our failure here which is responsible for the special severity of this Budget. So long as pay and prices increase at their present rates, no Chancellor of the Exchequer who puts his country first would act otherwise than I have done this afternoon.

Hugh Gaitskell was absolutely right when he said yesterday that what gets cheers at this conference does not necessarily get votes at elections. If it did we would have won Devonport [the seat which Michael Foot had just lost]. There are far too many people who...want to luxuriate complacency in moral righteousness in Opposition. But who is going to pay the price for their complacency?
You can take the view that it is better to give up half a loaf if you cannot get the whole loaf, but the point is that it is not we who are giving up the half loaf. In Britain it is the unemployed and old age pensioners, and outside Britain there are millions of people in Asia and Africa who desperately need a Labour Government in this country to help them. If you take the view that it is all right to stay in Opposition so long as your Socialist heart is pure, you will be 'all right, Jack'. You will have your TV set, your motor car and your summer holidays on the Continent and still keep your Socialist soul intact. The people who pay the price for your sense of moral satisfaction are the Africans, millions of them, being slowly forced into racial slavery; the Indians and the Indonesians dying of starvation.
We are not just a debating society. We are not just a Socialist Sunday School. We are a great movement that wants to help real people living on this earth at the present time. We shall never be able to help them unless we get power. We shall never get power unless we close the gap between our active workers and the average voter in the country.