The dilemma is this: they know, and we know, that if the rate of inflation is to be reduced, at whatever rate my right hon. and learned Friend later … - Enoch Powell

In order for all prices to rise—in other words, in order for the value of money to fall—it is necessary, it is elementary, that the supply of money, whatever precisely is meant by that, or whatever precise measurement is applied to it, should be increasing relative to the supply of goods and services; and since the supply of goods and services, however unsatisfactory we might find its growth, is certainly not diminishing, we are clearly confronted with the effective consequences of a growth in the money supply. Indeed, in a modern economy, long-term inflation—that which we have experienced in the past and of which we are experiencing an acute phase at the moment—can be explained or accounted for only in terms of the rate of increase of the money supply.

Opinion has been right to fasten upon sovereignty as the central issue. Either British entry is a declaration of intent to surrender this country's sovereignty, stage by stage, in all that matters as a nation, and makes a nation, or else it is an empty gesture, disgraceful in its hollowness alike to those who proffer and to whose who accept it. The superior people laugh at those who talk about losing our Queen and our Monarchy... The Queen is the Queen in Parliament, as truly today as when her predecessor, Tudor Henry, observed that ‘we are nowhere so high in our estate royal as in this Our High Court of Parliament’. The question which the people of this country will have proposed to them is: will you, or will you not, continue to be governed by the Queen in Parliament? It is no less than that, and they have understood it.

Some of us personally witnessed what was done on the continent under that sign and it is a symbol we shall never forget.