I am not easily roused to anger but I must say that this latest cry to cut back the spending of worse off people to cure a crisis mostly caused by to… - Hugh Gaitskell

The fact is that this episode must be recognised as part of the struggle for the mastery of the Middle East. That is something which I do not feel that we can ignore. One may ask, "Why does it involve the rest of the Middle East?" It is because of the prestige issues which are involved here. ... [P]restige has quite considerable effects. If Colonel Nasser's prestige is put up sufficiently and ours is put down sufficiently, the effects of that in that part of the world will be that our friends desert us because they think we are lost, and go over to Egypt.

For my part, I hold that the central idea of British Socialism is the brotherhood of man. It is this rather than public ownership which surely inspires all our aims in foreign, colonial, social, and economic policies alike. It is this which inspires our protests about Suez and Hola and Cyprus. It is this which is the common link between our hatred of racial discrimination, our opposition to sabre rattling jingoism, our support for a world order and for aid from richer to poorer countries, our belief in social justice and a classless society, our hopes of building a community based on something better than acquisitiveness and rivalry, our respect for the freedom of the individual.

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.