I am in favour of courage—who is ever not in the abstract?—but not of treating it as a substitute for wisdom, as I fear we are currently in danger of… - Roy Jenkins

In spite of half a century of effort, our society—and still more our world—is still disfigured by gross unfairness. ... Concern is indivisible and so is selfishness. A society which says 'to hell with famine and disease in Bangladesh, it's all their own fault, isn't it?' is extremely unlikely to balance this with compassion and justice for its own pensioners and its own low-paid.

I have three great interests left in politics, a single currency, electoral reform, and the union of the Liberals with Labour. And all three are languishing.

First, there is really no sign at all of any significant reduction in unemployment without a major change in policy...Unemployment has probably levelled out but at a totally unacceptable figure. Secondly, contrary to what the Secretary of State said, the post-oil surplus prospect—not merely the post-oil prospect, because the oil will take a long time to go, but the surplus, the big balance of payments surplus, which is beginning to decline quite quickly—still looks devastating...our balance of payments is now overwhelmingly dependent on this highly temporary and massive oil surplus. Our manufacturing industry is shrunken and what remains is uncompetitive...We have a manufacturing trade deficit of approximately £11 billion, all of which has built up in the past three to four years. This is containable by oil and by nothing else. Invisibles can take care of about £4 billion or £5 billion but they cannot do the whole job. As soon as oil goes into a neutral position we are in deep trouble. Should it go into a negative position, the situation would be catastrophic...To sell off a chunk of capital assets and to use the proceeds for capital investment in the rest of the public sector might just be acceptable. However, that is not what is proposed, and what is proposed cannot be justified on any reputable theory of public finance; and when it is accompanied by a Minister using the oil—which might itself be regarded as a capital asset; certainly it is not renewable—almost entirely for current purposes, it amounts to improvident finance on a scale that makes the Prime Minister's old friend General Galtieri almost Gladstonian.