“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

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Nigel Lawson22

British Conservative politician and journalist 1932

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Nigel Lawson22

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