I do not believe it would be a bad thing for the British working-class if Germany defeated us. It would be a disaster for the profit-makers and capit… - Stafford Cripps

You have only got to look at the pages of British imperial history to hide your head in shame that you are British.

The Government decided...to reduce the dollar exchange value of the pound sterling. In the last few days we have settled what the new rate should be and now I have to tell you of that decision; it is that in place of the present rate, fixed in 1946, of $4 3c. for the pound the rate will in future be $2 80c. to the pound.

...we must avoid a competitive raising of wages and conditions in a scarce labour market, which raises prices. ... If we allow prices to rise because of internal costs rising, we shall lose and not gain our overseas markets, or at least not be able to gain new ones in the competition. Therefore, incentives must be strictly limited to increased production so that more earnings mean more production. We cannot in any circumstances afford to pay more for the same or less production. We must await the further raising of the levels of earnings until we can provide the goods upon which those earnings can be spent. In the same way, let me point out, that large profits drawn from industry today are just as inimical because they, too, raise the price levels and, furthermore, they offer an immediate temptation for the demand for greater salaries.