Speeches, etc.

Margaret Thatcher

Speech to Welsh Conservative Party Conference

Document type: Speeches, interviews, etc.
Venue: Aberystwyth
Source: Thatcher Archive: speaking text
Editorial comments: The press release (586/75) was embargoed until 1230. MT was due to begin speaking at 1150. The speech was followed by questions and answers. Sections of the speech have been checked against BBC Radio News and ITN reports (see editorial notes in text).
Importance ranking: Major
Word count: 1628
Themes: Conservatism, Conservative Party (organization), Economic policy - theory and process, Monetary policy, Taxation, European Union (general), Labour Party & socialism

I am very pleased to be here in Wales, and I'd like to thank especially the people of Aberystwyth for their great welcome—perhaps in their own language.

ER MINE BLESSER MOWR GENIV VORD UN ABERYSTWYTH. sic [end p1]

I come to this, my first Welsh Conference as Leader of the Party, at a time when Conservatives throughout the Principality have triumphed in the Referendum.

You have voted YES to Europe, and NO to those who would isolate these islands from the rest of the world. [end p2]

You must all have been as thrilled as I was when that first result from Wales, from Gwynedd, showed that an overwhelming majority of our people had chosen to confirm Wales in Europe.

The part played by the Welsh Conservative Party in that victory has been immense.

I congratulate you upon it.

I thank you for it. [end p3]

[Manuscript addition by MT] I would also like to thank our splendid group of Conservative MPs from Wales led by Nick Edwards and Wyn Roberts for the excellent work they do on your behalf day in and day out at Westminster. Typescript resumes

Today it would be my pleasure to discuss the particular problems of Wales.

But it is my duty instead to speak out for all our people as we are caught up in the economic crisis.

In any normal circumstances we would be concentrating on how the Conservative Party can make its special contribution to the future of Wales. [end p4]

These are not normal circumstances.

Even Harold Wilson has had to admit that our economic crisis is the worst since 1931. [Manuscript addition by MT] And only last weekend his colleague Mr. Crosland said Britain was on a suicide course. Yesterday we had two new sets of figures, the price index and the trade figures. Of course everyone here today welcomes the improvement in the trade figures, but what a price we are paying for them at home—unemployment rising, short-time working in many industries, and prices rising faster than ever before. Typescript resumes

Now with the diversion of the Referendum behind us, all of us are forced to face the fact that Britain is drifting towards catastrophe. [Manuscript addition by MT] Indeed we are almost running out of words with which to describe the seriousness of the crisis because members of the Government have used so many of them themselves to [denounce?] their fellow Ministers [to each other?] [end p5] Typescript resumes

We have held back while the country gave its verdict on Europe.

Now, as our partners in the Community, and our competitors throughout the world are bringing their inflation under control, our patience is being exhausted.

Every day Wilson's pound in the pocket plummets at home and abroad. [end p6]

Every day 1000 people are losing their jobs.

Every day brings news of more closures, more bankruptcies, less investment.

Yet every day we wait in vain for the Harold WilsonPrime Minister to act.

While prices and wages are totally out of control, the Government looks on aghast—apparently impotent. [end p7]

Yet, inflation destroys the very nature of our society.

The masses of middle Britain see their wages and savings disappear. Their hard earned security taken away.

Those people on fixed incomes … they have no defence.

Inflation is the thief which rifles the pay packet week in, week out. [end p8]

It steals those savings which make for independence.

It robs us all of the money we put by for our old age.

Our people know this is the road to disaster. [end p9]

This is why the commonsense majority—which won the Referendum—is demanding a Government with the guts to stand up for them.

They now expect this Government to put aside its cherished Party plans and concentrate upon the conquest of inflation.

An inflation which would otherwise ruin our people and place us beyond redemption. [end p10]

What a chance for leadership this government is now missing!

Every indication of public opinion shows that the people will support tough measures to deal with tough problems.

Our friends abroad, who have lent us so much money, have shown they are willing to help us while we put Britain on its feet. [end p11]

The Conservative Party has shown by its votes on Europe and on Defence that it will support those policies which are in the national interest.

The Prime Minister has been given a rare opportunity to respond to the needs of our people.

And he is throwing it away. [end p12]

Now, in the lull before the economic storm, we still find Harold Wilson preoccupied with his internal party struggles.

He is obsessed with holding his Party together while inflation tears the nation apart.

Of course, the Left wing Labour group will fight against policies to preserve our country's way of life. [end p13]

Of course, the doctrinaire Socialists are looking for a way to revenge their Referendum defeat.

Of course, they want inflation.

Inflation is the extremists' weapon to destroy a free society.

They will call for increased Government expenditure in every department of State, except when it comes to Defence—when they will cut it to the bone. [end p14]

They will demand that the people pay ever higher taxes just to finance the Socialist nightmare—

—Nationalisation

—Municipalisation

—State control.

If they have their way, then the Britain we know will be destroyed.

The real answer is to have a Conservative Government. [end p15]

With a strong Conservative lead we could ensure that Britain would surmount her difficulties and conquer the inflation which is set to destroy her.

We would make private enterprise worthwhile.

Profit would no longer be a dirty word.

We would throw out the Socialist taxes which inhibit new enterprise. [end p16]

We would throw out the Capital Transfer Tax—which strikes at our smaller businesses and at the heart of the farming community.

We would throw out the threat of nationalisation.

In place of all this, we will build a Conservative society. [end p17]

—We will bring in a society which welcomes profit because it means jobs and security for our people.

—We will bring in a society which encourages personal ownership because that brings independence and self-reliance. [end p18]

—We will bring in a society where work is well rewarded, and where those who work hard keep more of what they earn to spend in their own way.

—We will bring in a society which lives within its means, where public expenditure is cut, and where waste of the taxpayers' money is ruthlessly expunged.

A Conservative democratic society. [end p19]

But, sadly, for the moment at least, we haven't got a Tory Government, and Harold Wilson is the only Prime Minister we have.

So the people of Britain must make it clear what has to be done.

The people of Britain must bring him back into the real world. [end p20]

Does this Government know what is happening abroad?

Have they noticed for example Japan?

Last year wage inflation was running at 30 per cent. This year settlements are down to half. For next year, the target is even lower. [end p21]

Have they noticed Italy?

Last year there was a trade deficit that looked disastrous. This year they've almost balanced their books (even when oil is taken into account). And their inflation is now less than ours—an effective twosome. [end p22]

Have they noticed Germany?

Last year prices scarcely rose any faster at all despite the oil crisis. This year their rate of inflation is already back below 7 per cent.

The Prime Minister must be made to see that we are faring far worse than our neighbours and that his Government is to blame. [end p23]

In fifteen months of Labour Government—surely the longest months on record—they have managed a hat trick of disasters.

First, they have sliced nearly 25 pence off the value of every pound in every pocket.

Second, they are borrowing £180 for every man, woman and child in the country—just to pay for State spending. [end p24]

Third, this Government plans to spend this year £55 billion. That figure may seem so large that we can't grasp its significance. But two years ago it was £33 billion.

That's £20 billion more than 1973 in a country where production is down to the same level as during the miners' three day week.

A hat trick of disasters:

—Wilson's pound

—Healey 's debt

—A whole Government's prodigality

What a fearsome threesome. [end p25]

This is what is bringing Britain to its knees.

These are the policies which must be reversed if we are to begin to follow our neighbours in beating inflation.

The country cannot spend itself out of bankruptcy.

But Harold Wilson may claim that he cannot drop these policies. [end p26]

Beginning of section checked against ITN Late News 2130 14 June 1975

For him, nationalisation, municipalisation, and state control are his passport to personal political survival. (Hear, hear and applause.)

So now he must make the choice.

Beginning of section checked against BBC Radio News Report 1300 14 June 1975

Either he defies the Socialists and faces the real issues of inflation, or he defies the people of Britain and destroys our future.

End of section checked against ITN Late News 2130 14 June 1975. [end p27]

There are no easy options, but we say to him today—

—He must not throw away his opportunity.

—He must seize it with both hands.

—He must lead this country

—And if he can't, then he must stand aside and give the chance to those who can. (Applause). [end p28]

The choice is up to him.

He must lead Britain, or he must go!

And go now!

The Conservative Party stands ready and willing to take up the fight against inflation in the name of the whole nation. [end p29]

And if the Prime Minister and the Labour Party cannot respond to the challenge, then we are ready to lead Britain back to greatness.

End of section checked against BBC Radio News Report 1300 14 June 1975 and end of speech.