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Macmillan’s Never had it so good speech. Harold Macmillan, speech at Bradford, 20 July 1957.. These increased earnings come from the increasing production.

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Presentation on theme: "Macmillan’s Never had it so good speech. Harold Macmillan, speech at Bradford, 20 July 1957.. These increased earnings come from the increasing production."— Presentation transcript:

1 Macmillan’s Never had it so good speech

2 Harold Macmillan, speech at Bradford, 20 July 1957.. These increased earnings come from the increasing production of most of our main industries-steel, coal, motor cars; a large part of the increase in output is going to exports or to investment. That is all to the good. 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 lifetime- 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 today 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.....

3 Our first duty at a time when there is more money about than goods to spend it on is to keep down Government expenditure. We have already done a lot. In terms of 1951 prices this year’s Budget is nearly £400m down and we have achieved this in spite of increases in education, pensions and health. We have reduced the Civil Service by over 50,000 and we have now embarked upon a new plan to secure greater efficiency and economy in local expenditure....

4 Monetary policy, restriction of credit, acceleration or retardation in the investment programmes over which the Government has control-these are the measures which we have to intensify or relax according to the state of the economic barometer. All these steps are good and all of them are necessary, but in the long run there is only one answer to the $64,000 question-to increase production. That is the answer, that is where the real hope lies... Government action is needed and being taken, but by itself it cannot solve the problem. This is a combined operation; we are all in it.....


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