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Britain is not earning her living. We are not keeping pace with the economic performance of our European and North American neighbours, and we are certainly not achieving the potential that is in us. ... At the end of a war of prolonged sacrifice we were left with much obsolete industrial plant, and a short-fall in the capital necessary to scrap and renew it. For a century we had lived on cheap food and raw materials imported from overseas. They are not and will not in future be available to us. ... We cannot continue to live beyond or ability or our willingness to earn. That is the one basic fact with which Britain has yet to come to terms. (en) |
