Of the Budget as a whole, I say "Bravo". I am going to support it through thick and thin. - Ramsay MacDonald

That blot on the peace of the world, the Treaty of Versailles, is vanishing, and for that I am thankful... France has again had a severe lesson, and I hope it will take it this time. In any event the folly of pandering to it by standing rigidly to the letter of Versailles or Locarno...must now be plain and this logical and legalistic nation should be brought to face reality.

The land will therefore belong to the State in one or other of its several forms, and rent will be State income. The great factory industries will be controlled by associations of consumers which again will be identical with the State in some one or other of its aspects... the socialist state will mainly concern itself with co-ordinating production and consumption so as to prevent gluts, useless labour, unearned incomes, industrial loss, surplus values,—the causes of poverty.

Let us declare boldly in favour of disarmament. Let us put down our own proposals, arguing them, fighting for them, persuading people to join us, appealing not only to the reason but to the moral sense of the world. Great Britain marching clear away at the head of the great movement for international peace, that is our idea.