“It is here that Britain's weakness lies. The plain fact is that labour costs per unit of output in British business and industry continue to rise faster than is consistent with low unemployment and faster than our principal competitors overseas. Productivity is, certainly rising quite rapidly, but pay is rising faster still. It is this—and not our alleged dependence on oil—that constitutes the Achilles' heel of the British economy.”

— Nigel Lawson

Speech http://hansard.millbanksystems.com/commons/1986/mar/18/help-for-the-unemployed in the House of Commons (18 March 1986)

Adopted from Wikiquote. Last update June 3, 2021. History

Help us to complete the source, original and additional information

Do you have more details about the quote "It is here that Britain's weakness lies. The plain fact is that labour costs per unit of output in British business and…" by Nigel Lawson?

Nigel Lawson 22

British Conservative politician and journalist 1932

Related quotes

“There are great economic opportunities ahead of us. If we are sensible, we can have rising production and rising standards of living without constantly rising prices. Why should we not aim to double our standard of living in the next 20 years, and still have our money as valuable then as now? The faster we modernize and expand our productive capacity, the more we shall be able to increase the national wealth.”

Rab Butler (1902–1982) British politician

Speech to the quarterly meeting of the National Production Advisory Council on Industry (28 May 1954), quoted in The Times (29 May 1954), p. 3
Chancellor of the Exchequer

“The ability to learn faster than competitors may be the only sustainable competitive advantage.”

Arie de Geus (1930) Dutch businessman

Arie P. de Geus, " Planning as learning https://hbr.org/1988/03/planning-as-learning/ar/1." Harvard Business Review, March/April 1988: 70-74.

“The big problem is that innovating is not sufficient. You have to innovate faster than your competitors.”

Paul Sloane (1950) British author and puzzle designer

Quoted in "Paul Sloane Talks about Strategies for Creating Effective Innovation Processes" https://innovationmanagement.se/imtool-articles/paul-sloane-talks-about-strategies-for-creating-effective-innovation-processes/, InnovationManagement.se (2 May 2019)

“Every morning the gazelle wakes up knowing she must run faster than the lion or will be dead. Every morning the lion wakes up knowing he must run faster than the gazelle or he'll starve. It doesn't matter if you are a lion or a gazelle: when the sun rises you better start to run.”

Mia Couto (1955) Mozambican writer

Confession of the Lioness: A Novel

“Conditions have greatly changed in Great Britain since the end of the war owing to the existence of full employment. Negotiations about wages between the two sides of industry now take place in entirely different circumstances. There is no reserve of labour to compete for jobs. … If wages rise faster than productivity the increases in cost can usually be passed on in increased selling prices. There is thus in the economic system very much less check on the upward movement of money wages. …if wages at home rise unchecked, it is more likely in general that exports will gradually cease to be competitive and there will be balance of payments difficulties. These can be met, in the end, by devaluation. A succession of devaluations completely undermines confidence in any currency. … It is clear that a very difficult problem faces a country such as ours, which wishes to maintain full employment and yet to avoid the undoubted evils of rising prices and balance of payments difficulties abroad.”

Hugh Gaitskell (1906–1963) British politician

Memorandum, 'Wages and Prices and Full Employment' (1 December 1950), quoted in Correlli Barnett, The Lost Victory: British Dreams, British Realities: 1945–1950 (London: Pan, 1996), pp. 350–352
Chancellor of the Exchequer

“Evil news fly faster still than good.”

Thomas Kyd book The Spanish Tragedy

Act I, sc. iii
The Spanish Tragedy (1592)

“Parliament is the centre of the British Empire. It is the responsibility of the members of Parliament, to whatever party they belong, to see that the tradition which has insensibly grown up, which is not a product of this or that constitution-monger, but which is the result of the unthought-out efforts for the public good of the various constituent individuals who from generation to generation, either in this House or in the other, had the conduct of public affairs is continued. It is their action which has made Great Britain what it is, and has founded all over the world institutions modelled upon ours and showing that, whether the British Constitution be or be not the best Constitution in the world for all kinds and sorts of men, it is undoubtedly the best Constitution for people of British origin, British tradition, British hopes, and British ideals. That is why I am consoled by the gradual rising of new generations as old generations vanish.”

Arthur James Balfour (1848–1930) British Conservative politician and statesman

Speech in the Speaker's Courtyard of Parliament for his 80th birthday ceremony (25 July 1928), quoted in The Times (26 July 1928), p. 16
Lord President of the Council

“You know the story of 'Alice in Wonderland'. The red queen has to run faster and faster to keep still where she is. That is exactly what you are all doing. running faster and faster. But you are not moving anywhere.”

U.G. Krishnamurti (1918–2007) Indian philosopher

Part III: Nice Meeting You, and Goodbye
The Courage to Stand Alone (2001)

“Politics? I'm a confirmed Libertarian. I believe that the principal difference between the Democrats and the Republicans is that the Democrats just want to grow our Imperial Federal Government a bit faster than the Republicans do.”

Neal Boortz (1945) American author, journalist, and radio host

Source: "Neal Boortz - Libertarian", [http://www.theadvocates.org/celebrities.html Libertarian Celebrities & VIPs http://www.theadvocates.org/celebrities/neal-boortz.html,, Advocates for Self-Government, 2006-09-08, http://web.archive.org/20030719050508/www.theadvocates.org/celebrities/neal-boortz.html, 2003-07-19]

“If everybody minded their own business, the world would go around a great deal faster than it does.”

Lewis Carroll book Alice's Adventures in Wonderland

Source: Alice in Wonderland

Help us to complete the source, original and additional information

Nigel Lawson 22

Related quotes

Related topics