“You know, as I do, that we face two deep-seated problems, inflation and unemployment. Both of them are still too high. … I have to emphasize to you that if we fail to bring down inflation, we shall never succeed in overcoming unemployment. We cannot have a prosperous industry in this country if we are unable to sell our goods overseas. No one owes Britain a living, and may I say to you quite bluntly that despite the measures of the last 12 months, we are still not earning the standard of living we are enjoying. We are only keeping up our standards by borrowing, and this cannot go on indefinitely. There is no soft option. I do not promise you any real easement for some time to come. There can be no lasting improvement in your own living standards until we can achieve it without going deeper and deeper into debt as a nation.”

— James Callaghan

First television broadcast as Prime Minister (5 April 1976), quoted in The Times (6 April 1976), pp. 1–2
Prime Minister

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James Callaghan 37

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

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