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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
" "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 this afternoon announces is the Government's intention, then the result of that, for the time being, must be a slowing down of the rate of economic growth and a slowing down, to put it mildly, in the fall in unemployment. That is the known and certain consequence of reducing the rate of inflation—not of the way in which it is done but of the fact that it happens.
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About Enoch Powell
John Enoch Powell (16 June 1912 – 8 February 1998) was a British politician, classical scholar, author, linguist, soldier, philologist, and poet. He served as a Conservative Member of Parliament (1950–1974), then Ulster Unionist Party (UUP) MP (1974–1987), and was Minister of Health (1960–1963).
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J. Enoch Powell
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John Enoch Powell
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There is the guilty knowledge that a fall in the rate of inflation must be accompanied by a rise in the rate of unemployment and that a sharp fall from a high rate of inflation must have severe consequences, which are inescapable. This is because an economy geared to inflation at 25 per cent per annum has to undergo a terrific readjustment to change to expectation of only 15 per cent or 10 per cent per annum inflation. Since inflation cannot go on up for ever, this prospect is inescapable.
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