The masses now took prosperity for granted... The country simply did not realize that we were living beyond our income, and would have to pay for it … - Harold Macmillan

I cannot forget the twenty-five years when I sat for a Tees-side constituency. I cannot forget those terrible times when some 17,000 out of 25,000 able-bodied men in my constituency walked the streets looking for jobs.

Indeed, let us be frank about it. Most of our people have never had it so good. Go around the country, go to the industrial towns, go to the farms, and you will see a state of prosperity such as we have never had in my life time—nor indeed ever in the history of this country. What is beginning to worry some of us is, is it too good to be true?—or perhaps I should say, is it too good to last? ... Our constant concern to-day is, can prices be steadied while at the same time we maintain full employment in an expanding economy? Can we control inflation? This is the problem of our time.

If inflation priced us out of world markets we should be back in the old nightmare of unemployment. What folly to risk throwing away all that we have gained... Our first duty at a time when there is more money about than goods to spend it on is to keep down Government expenditure... The second duty of the Government is to frame policies which encourage saving and discourage spending... [I]n the long run there is only one answer to the 64,000 dollar question—to increase production. That is the answer. That is where the real hope lies.