We are now more Socialist in many ways than any other developed country outside the Communist bloc—in the size of the public sector, the range of controls and the telescoping of net income. And what is the result? Compare our position today with that of our neighbours in north west Europe—Germany, Sweden, Holland, France. They are no more talented than we are. Yet, compared with them, we have the longest working hours, the lowest pay and the lowest production per head. We have the highest taxes and the lowest investment. We have the least prosperity, the most poor and the lowest pensions. We have the largest nationalized sector and the worst labour troubles.

Speech at Upminster (22 June 1974)