I conclude that we should make two things clear to the country. First, that we have no intention of abandoning public ownership and accepting for all… - Hugh Gaitskell

Conditions have greatly changed in Great Britain since the end of the war owing to the existence of full employment. Negotiations about wages between the two sides of industry now take place in entirely different circumstances. There is no reserve of labour to compete for jobs. ... If wages rise faster than productivity the increases in cost can usually be passed on in increased selling prices. There is thus in the economic system very much less check on the upward movement of money wages. ... [I]f wages at home rise unchecked, it is more likely in general that exports will gradually cease to be competitive and there will be balance of payments difficulties. These can be met, in the end, by devaluation. A succession of devaluations completely undermines confidence in any currency. ... It is clear that a very difficult problem faces a country such as ours, which wishes to maintain full employment and yet to avoid the undoubted evils of rising prices and balance of payments difficulties abroad.

It was on account of the [General] Strike that I first came to know Douglas and Margaret. I had been reading some socialist theory as well as economics—Tawney, the Webbs, Marx (about half of volume i of Das Kapital), J. A. Hobson, Hugh Dalton, but I did not at that time follow day-to-day politics at all closely. Thus for me, as I think for many others, the impact of the Strike was sharp and sudden, a little like a war, in that everybody's lives were suddenly affected by a new unprecedented situation, which forced us to abandon plans for pleasure, to change our values and adjust our priorities. Above all we had to make a choice. And how we chose was a clear test of our political outlook. The vast majority of undergraduates [at Oxford University] went off to unload ships and drive trams or lorries. For me this was out of the question. All my sympathies were instinctively on the side of the miners, the unions, the Labour Party, and the Left generally. It was their cause I wanted to help.

[T]he common ideals of racial equality, political freedom, extending the right of self-government to the rest of the Commonwealth, non-aggression in international affairs, economic co-operation, and aid between nations. These ideals may be imperfectly realised in many instances, but, nevertheless, they, and they alone, give the Commonwealth its real justification today, just as the extraordinary variety in terms of geography, race and religion of the Commonwealth provides a wonderful opportunity to advance these ideals in a practical form in the world as a whole.