On 5 September, when the Trades Union Congress|TUC unanimously rejected wage restraint, it was the end of an era, and all the financiers, all the little gnomes in Zürich and other finance centres about whom we keep on hearing, had started to make their dispositions in regard to sterling.

The government have only a small majority in the House of Commons. I want to make it quite clear that this will not affect our ability to govern. Having been charged with the duties of Government we intend to carry out those duties.

I know I speak for everyone in these islands, all parties, all our people, when I say to Ian Smith|Mr. Smith tonight: "Prime Minister, think again".

We have taken steps which have not been taken by any other democratic government in the world. We are taking steps with regard to prices and wages which no other government, even in wartime, has taken.

From now on, the pound abroad is worth 14 per cent or so less in terms of other currencies. That doesn't mean, of course, that the Pound here in Britain, in your pocket or purse or in your bank, has been devalued.

May I say, for the benefit of those who have been carried away by the gossip of the last few days, that I know what's going on. [pause] I'm going on, and the Labour government's going on.