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" "Of one thing I was glad. It was not an election fought on "Tranquillity"; it was an election fought upon a positive plan—protection against cheap industrial imports threatening British wage standards and jobs. Baldwin's message was easy to explain to those already unemployed or in fear of unemployment. Cheap imports were beginning to flood into the country, even of billets and bars, still more of manufactured iron and steel products. Surely we needed a tariff, if only for bargaining with other countries. Thus it was not difficult to preach protection with sincerity. I felt all the time that our policy attracted many trade unionists who would only not vote for us because of pressure or a false sense of solidarity. After all, before the rise of the Labour Party, the working class had traditionally been Tory; the tradesmen, the shopkeepers, and the middle classes had generally been Liberal... Meanwhile, the memory of massive unemployment began to haunt me then and for many years to come.
Maurice Harold Macmillan, 1st Earl of Stockton OM PC (10 February 1894 – 29 December 1986) was a British Conservative politician and publisher who served six years as Prime Minister (1957–1963). As Prime Minister, he worked to decolonize the British Empire in Africa and repair United Kingdom–United States relations after the Suez Crisis. He also led the Conservative Party to accept the post-war consensus of Keynesian economics and the welfare state. However, he was forced to resign by the Profumo affair and France's veto of British entry into the European Economic Community.
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[Macmillan] said that another round of wage increases such as there had been in the past two years could be disastrous... Such increases would not bring any benefit to anyone. They would only benefit men in a particular industry if they were the only ones to get them. But they would not be. If one industry started, others would follow. No one would gain anything, except more and more paper money, which would buy less and less.