Without underrating the hardships of our situation, the long tragedy of the unemployed, the grievous burden of taxation, the arduous and painful struggle of those engaged in trade and industry, at any rate we are free from that fear which besets so many less fortunately placed, the fear that things are going to get worse. We owe our freedom from that fear to the fact that we have balanced our budget.

Speech in the House of Commons as Chancellor of the Exchequer (25 April 1933)