"Now we must get back to fundamentals. First, overcoming unemployment now unambiguously depends on our labour costs being at least comparable with those of our major competitors. Second, we can only become competitive by having the right kind of investment at the right kind of level, and by significantly improving the productivity of both labour and capital. Third, we will fail – and I say this to those who have been pressing about public expenditure, to which I will come back – if we think we can buy our way out by printing what Denis Healey calls ‘confetti money’ to pay ourselves more than we produce."

“Peace-or-war, not cost-of-living, was the most important issue at the election. He did not believe that peace with Stalin would be easy to achieve. Some delegates seemed to think it was all a matter of “getting together with Joe.” Had they forgotten their Marxism, and its interpretation of history. That was what they were dealing with, not Uncle Joe.”

“Jim said he was more depressed as a trade-unionist now about the future of this country than he had been for fifty years. He never believed it would come to this.”

“We can truly say that once the Leader of the Opposition had discovered what the Liberals and the SNP were going to do, she found the courage of their convictions. So, this evening, the Conservative Party, who want the Act repealed and oppose even devolution, will march through the Lobby with the SNP, who want independence for Scotland, and with the Liberals, who want to keep the Act. What a massive display of unsullied principle! The minority parties have walked into a trap. If they win, there will be a general election. I am told that the current joke going round the House is that it is the first time in recorded history that turkeys have been known to vote for an early Christmas.”

“The goals of our education, from nursery school through to adult education, are clear enough. They are to equip children to the best of their ability for a lively, constructive, place in society, and also to fit them to do a job of work. Not one or the other but both. ... There is no virtue in producing socially well-adjusted members of society who are unemployed because they do not have the skills. Nor at the other extreme must they be technically efficient robots. Both of the basic purposes of education require the same essential tools. These are basic literacy, basic numeracy, the understanding of how to live and work together, respect for others, respect for the individual. This means requiring certain basic knowledge, and skills and reasoning ability. It means developing lively inquiring minds and an appetite for further knowledge that will last a lifetime. It means mitigating as far as possible the disadvantages that may be suffered through poor home conditions or physical or mental handicap. Are we aiming in the right direction in these matters?”

“The commentators have fixed the month for me, they have chosen the date and the day. But I advise them: "Don't count your chickens before they are hatched." Remember what happened to Marie Lloyd. She fixed the day and the date, and she told us what happened. As far as I remember it went like this: 'There was I, waiting at the church–' . Perhaps you recall how it went on. 'All at once he sent me round a note. Here's the very note. This is what he wrote: "Can't get away to marry you today, my wife won't let me."' Now let me just make clear that I have promised nobody that I shall be at the altar in October? Nobody at all.”

“You know, as I do, that we face two deep-seated problems, inflation and unemployment. Both of them are still too high. ... I have to emphasize to you that if we fail to bring down inflation, we shall never succeed in overcoming unemployment. We cannot have a prosperous industry in this country if we are unable to sell our goods overseas. No one owes Britain a living, and may I say to you quite bluntly that despite the measures of the last 12 months, we are still not earning the standard of living we are enjoying. We are only keeping up our standards by borrowing, and this cannot go on indefinitely. There is no soft option. I do not promise you any real easement for some time to come. There can be no lasting improvement in your own living standards until we can achieve it without going deeper and deeper into debt as a nation.”