We should emerge from the rearmament period with inadequate reserves, with no assurance of further U.S. aid, with our export markets reduced, with a continuous and possibly increased claim on our resources for defence, with German and Japanese competition at full blast and finally, with industrial efficiency in a relatively worse position compared with the United States than it is now.

Butler as Chancellor of the Exchequer (30 November 1951), quoted in Correlli Barnett, The Verdict of Peace. Britain Between Her Yesterday and the Future (Pan, 2002), p. 1.