"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."

“As you all know, ever since the end of the war Britain has been working against time. We must find a way to stand on our own feet, and that very soon. Since the end of the war, too, our reserves have been small. This means that any alteration in world trade conditions, any failure to produce and sell enough goods must land us in serious trouble. ... I would like every one of you, whether employer or employed, to start right away to consider how in your particular job you can increase and cheapen production, how you can check absenteeism and get the kind of public opinion in factory, mine, railway, or other workplace which will bring the person who is slacking up to the mark.”

“At the one end of the scale are the Communist countries: at the other end the United States of America stands for individual liberty in the political sphere and for the maintenance of human rights. But its economy is based on capitalism, with all the problems which it presents, and with the characteristic extreme inequality of wealth in its citizens. ... Great Britain, like the other countries of western Europe, is placed geographically and from the point of view of economic and political theory between these two great continental States. ... Our task is to work out a system of a new and challenging kind, which combines individual freedom with a planned economy, democracy with social justice.”

“The Old School Tie can still be seen on the Government benches.”

“In the coming months the need is for the people of this country to do two things. First, to increase the national production; and, secondly, to exercise restraint in demands for increased incomes and self-control in expenditure. ... I am confident that in peace just as we did in war, Britain will conquer them by determination, hard work, and by the cooperation of all.”

“I think that some people over here imagine that the Socialists are out to destroy freedom, freedom of the individual, freedom of speech, freedom of religion, and the freedom of the Press. They are wrong; the Labour Party is in the tradition of freedom-loving movements which have always existed in our country, but freedom has to be striven for in every generation, and those who threaten it are not always the same. Sometimes the battle of freedom has had to be fought against kings, sometimes against religious tyranny, sometimes against the power of the owners of the land, sometimes against the overwhelming strength of the moneyed interests. We in the Labour Party declare that we are in line with those who fought for Magna Carta and habeas corpus, with the Pilgrim Fathers, and with the signatories of the Declaration of Independence.”

“Socialism was the only means of freeing the world from war and poverty. Socialism stood as a third alternative to a barbaric Communism and capitalism in a state of decay. Communism was a falsification of the principles of Socialism.”