We used to think that you could spend your way out of a recession and increase employment by cutting taxes and boosting government spending. I tell y… - James Callaghan
" "We used to think that you could spend your way out of a recession and increase employment by cutting taxes and boosting government spending. I tell you in all candour that that option no longer exists, and in so far as it ever did exist, it only worked on each occasion since the war by injecting a bigger dose of inflation into the economy, followed by a higher level of unemployment as the next step. Higher inflation followed by higher unemployment. We have just escaped from the highest rate of inflation this country has known; we have not yet escaped from the consequences: high unemployment. That is the history of the last twenty years.
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About James Callaghan
Leonard James Callaghan, Baron Callaghan of Cardiff (27 March 1912 – 26 March 2005), commonly known as Jim Callaghan, was a British politician who served as Prime Minister of the United Kingdom from 1976 to 1979 and Leader of the Labour Party from 1976 to 1980. Callaghan is the only person to have held all four Great Offices of State, having served as Chancellor of the Exchequer from 1964 to 1967, Home Secretary from 1967 to 1970 and Foreign Secretary from 1974 to 1976. He was a Member of Parliament (MP) from 1945 to 1987.
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Also Known As
Alternative Names:
Lord Callaghan
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Jim Callaghan
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Lord Callaghan of Cardiff
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James Callaghan, Baron Callaghan
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James, Baron Callaghan
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Leonard James Callaghan
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Leonard James, Baron Callaghan
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Additional quotes by James Callaghan
We can truly say that once the Leader of the Opposition had discovered what the Liberals and the SNP were going to do, she found the courage of their convictions. So, this evening, the Conservative Party, who want the Act repealed and oppose even devolution, will march through the Lobby with the SNP, who want independence for Scotland, and with the Liberals, who want to keep the Act. What a massive display of unsullied principle! The minority parties have walked into a trap. If they win, there will be a general election. I am told that the current joke going round the House is that it is the first time in recorded history that turkeys have been known to vote for an early Christmas.
I come to the question of the Governor of the Bank of England, who made [a] speech...[which] was, I thought, a very good exposition of the nature of this country's problems. ... When he came to the question of the rate of wage and price inflation, in which he dealt with the question of unused resources, what he said I agree with. He said: “it is impossible to manage a large industrial economy with the very small margin of unused manpower and resources that characterised the British economy in the 1940s and 1950s.” That is true. ... We must have a somewhat larger margin of unused capacity than we used to try to keep. That is the truth of the matter.
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David Rose (ITN reporter): Industrial relations and picketing. What about the TUC putting its house in order?
James Callaghan: The media's always trying to find what's wrong with something .. Let's try and make it work.
Rose: What if the unions can't control their own militants? So there are no circumstances where you would legislate?
Callaghan: I didn't say anything of that sort at all. I'm not going to take the interview any further. Look here. We've been having five minutes on industrial relations. You said you would do prices. I'm just not going to do this .. that programme is not to go. This interview with you is only doing industrial relations. I'm not doing the interview with you on that basis. I'm not going to do it. Don't argue with me. I'm not going to do it.
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