The history of Soviet Russia provides us with a warning here—a warning that without political freedom collectivism can quickly go astray and lead to … - Clement Attlee

...our geographical position put us in the centre of markets. That was one of the great strengths of our position. We did not have to look merely into Europe; we could look outside. We had our relationships with the Colonies overseas, later the Dominions; with the United States; with all continents, just because we were not tied up with the Continent of Europe. Now we are to be tied. It might be right, it may be wrong; but do not make any mistake: it is entirely different from anything we have had before. We are to become part of a larger whole, an appendage to Europe. It may be right now, but, historically, that has not been our position. We may have been at the centre of markets, but we have not been in one market and out of the others. We have had to fight against hostile tariffs; we have had to keep our end up. We have never put ourselves into a position in which we were inside a ring-fence with a number of Continental Powers. Make no mistake: it is an entire change.

[I]f peace is to be preserved we must see to it that the causes of war are removed. Freedom and democracy must be based not only on security but also on social justice. Hitlerism flourished on the breakdown of an outworn economic system. The world depression of 1930 was the opportunity of the gangsters. We must have planning for expansion and not restriction. Victory in war could only be achieved by putting the interest of the community before private profit and this was also the key to reconstruction after the war. Socialism had always been something far greater than an economic theory, far greater than the policy of a political party. It was a way of life. They sought to attain an organized society in which every human being would have the opportunity of living the good life—a society in which free men and women would cooperate together for the common good. The workers of the countries which had been under the yoke of tyranny would look to the Labour parties of the British Commonwealth for a lead and would not look in vain.

The nation's economic welfare depends largely upon our ability to make and sell the exports necessary to buy the imports we need to feed our people and keep our industry going. Our costs of production are of vital importance and they depend to a considerable extent on the amount which industry has to pay in profits, salaries and wages. These in turn in the form of individual incomes affect the total volume of money available in relation to the quantity of goods... It is essential, therefore, that there should be no further general increase in the level of personal incomes without at least a corresponding increase in the volume of production. Unless we are prepared to check any such tendency we shall find ourselves unable to fulfil our export task owing to the rise in costs, which will also be reflected in rising prices on the home market.