After listening to the debate on unemployment I can see a danger that Liberals lose to the Tories their claim to have new and sensible ideas and are … - Jo Grimond

10 per cent inflation is not heaven and the factors are all still there to push it up much further next year. Nor has the Government any policy adequate to deal with unemployment. It is not capitalism that is in crisis. It is Socialism that is in collapse. The faith has vanished. The principles are shattered. It won't do for Liberals merely to say they will put on the brakes. Even if you slow down the Gadarene swine, they will go over the precipice eventually.

Neither the Government nor the local authorities make any wealth or have any money of their own. If we want them to spend more and more we have to pay. The remedy is in our hands. Stop running to them asking them to do this, that and everything under the sun - and demand instead that they stop doing and spending so much.

The state owned monopolies are among the greatest millstones round the neck of the economy...Liberals must stress at all times the virtues of the market, not only for efficiency but to enable the widest possible choice...Much of what Mrs Thatcher and Sir Keith Joseph say and do is in the mainstream of liberal philosophy.