George Brown on the July Crisis +

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from Geoff Coggan "All we have had from the Chancellor is the same dreary old succession of . measures. .... First, the increase in Bank Rate. .... It is bound to discourage expansion, because of the price it puts on obtaining the credit with which to do it. It is bound to increase, some day, our long term problem, because the "hot' money which it attracts will go home again some day. When .... it does, we shall therefore be faced with a more serious problem than we are faced with nowe It is bound to increase our payments across the exchanges, and that is one of our problems at the moment. .... "We then get the so-called regulator. This is the newer name for an old device, What does it do? It increases the prices of essential and non-essentials alike, and its incidence falls proportionately more heavily on the essentials than on luxuries .... (and) more heavily on old-age pensioners, on those with large families, and on those with small fixed incomes, who spend a high proportion of their incomes on these things. .... "It does not deter the members of my union from buying, but it does drive them to ask for more wages to finance the purchase. If Rt.Hon. Gentlemen think that if one of my union members has to fork out 30s in extra tax on an article costing £70, he will write it down in a little book and spend 30s less on something else, they have got it all wrong. That is not how it works, If the Government puts this kind of marginal increase on everything he buys, what they will have done will be to produce an invaluable aid to all those making claims for higher wages. As a trade union official, I can assure them that that is exactly what we shall have to contend with, and pass it on to them. .... "To cap all that, the Government has produced the wage freeze. There is no worse way of getting a worker expansion-minded than talking to him about holding back his wages. The moment he is conditioned to understanding that his wages are being held back - if one succeeds - so he will also be thinking in terms of holding back production. There is no way into the one without the other," ( t On the July 1961 "Selwyn Lloyd" Crisis)