“For too long, perhaps ever since the war, we postponed facing up to fundamental choices and fundamental changes in our society and in our economy. This is what I mean when I say we have been living on borrowed time. For too long this country – all of us, yes this Conference too – has been ready to settle for borrowing money abroad to maintain our standards of life, instead of grappling with the fundamental problems of British industry. Governments of both parties have failed to ignite the fires of industrial growth in the ways that countries with very different political and economic philosophies have done.”

Speech to the Labour Party Conference in Blackpool (28 September 1976), quoted in James Callaghan, Time and Chance (Collins, 1987), p. 425
Prime Minister

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James Callaghan 37
Prime Minister of the United Kingdom; 1976-1979 1912–2005

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