Quote of the day 26th September 2026

"We used to think that you could spend your way out of a recession and increase employment by cutting taxes and boosting government spending.

I tell you in all candour that that option no longer exists, and in so far as it ever did exist, it only worked on each occasion since the war by injecting a bigger dose of inflation into the economy, followed by a higher level of unemployment as the next step. 

Higher inflation followed by higher unemployment.

We have just escaped from the highest rate of inflation this country has known; we have not yet escaped from the consequences: high unemployment. That is the history of the last twenty years."


Rt Hon James Callaghan, Labour Prime Minister, Labour conference 1976.

Truer words were never spoken by a Labour Prime Minister - and not many truer words were ever spoken by anybody.

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