James Callaghan Quote

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.


Labour Party Annual Conference Report 1976, page 188.

Picture Quote 1

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...

Picture Quote 2

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...

Picture Quote 3

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...

Picture Quote 4

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...