Assistance from Abroad and Problems Ahead

Abstract

My Lords, I do not dissent from many speakers in expressing a sense of relief at the present position as compared with the position when we discussed these matters shortly before Christmas. At that time our discussion was under the shadow of a falling pound and uncertainty about the nature of the international assistance which would be forthcoming. Now we have a firm loan from the I.M.F., and arrangements are adumbrated to take care of the sterling balances and, perhaps, to put them on a different footing. The danger at present, so far as I am concerned, is that a state of euphoria should develop in which the continuing difficulties are ignored and the future dangers neglected. I shall not accuse any Member of this House of being in such a state, but one or two remarks which have been made seem to me to err a little towards over-emphasis of the bright side of the picture.