“Ever since the population of this little island grew large, trade has been its livelihood. We imported food and raw materials and paid for them by exports of coal and manufactures, by earnings from shipping and other services, and by interest on foreign investments. The first world war injured our position seriously, the second had far worse effects. When we stood alone in the second world war we threw all that we had into the battle. … We sold our foreign assets. We reduced our production of civilian goods to a minimum. We lost nearly all our export trade and much of our shipping. … We have, therefore, to face now before we have recovered from the effects of the war, and before our long-term plans have taken effect, the necessity of relying entirely on our own resources. This is a situation as serious as any that has faced us in our long history.”

— Clement Attlee

Broadcast (10 August 1947), quoted in The Times (11 August 1947), p. 4
Prime Minister

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Clement Attlee 95

Former Prime Minister of the United Kingdom 1883–1967

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“During the war we had to stop producing the everyday things which we need in peacetime. We had to concentrate on war production and the bare necessities of existence. The natural result is that to-day we are short of the things which we need. … You may ask why cannot we get what we want from abroad? The answer is that we can only get it if we can pay for it. Before the war many of the things which we got from abroad—food and raw material—were paid for by the interest on foreign investments, and by services rendered by us to people in other countries. During the war we had to sell our foreign investments to pay for the arms, food, and other things we needed. Apart from any temporary relief we may get by loans from our friends across the Atlantic, we can only buy from abroad now if we can pay by exporting goods or rendering services.”

Clement Attlee (1883–1967) Former Prime Minister of the United Kingdom

Broadcast (3 March 1946), quoted in The Times (4 March 1946), p. 4
Prime Minister

“We must export to get necessities. We could not produce more than perhaps half our food. We had no raw materials, except coal and iron. Now we were importing both. We were even bringing coals to Newcastle, at least figuratively. All these imports must be paid for by exports. ... At first our main competitors—Germany and Japan—were out of the race. Now they were coming along very fast. We must not relax; on the contrary, we must make even greater efforts.”

Harold Macmillan (1894–1986) British politician

Speech in Newcastle (25 May 1956), quoted in The Times (26 May 1956), p. 6
Chancellor of the Exchequer

“As a nation we have two tasks; the one is to provide goods and services for our home needs, the other is to pay for the food and raw materials which we must get from abroad. Before the war we were rich; we owned money and railways and so forth abroad. The income from these helped to pay for our imports; but we sold these in order to help to win the war. We have therefore borrowed large sums from Canada and the United States to tide us over while we build up again, but when this money runs out we must pay for what we want from our own resources. To do this we must devote a far larger part than ever before of the wealth we produce to pay for imports.”

Clement Attlee (1883–1967) Former Prime Minister of the United Kingdom

Broadcast (18 March 1947), quoted in The Times (19 March 1947), p. 4
Prime Minister

“In conclusion, let me emphasize one point: that we are determined, as a nation in 1961 that freedom shall survive and succeed--and whatever the peril and set-backs, we have some very large advantages. The first is the simple fact that we are on the side of liberty--and since the beginning of history, and particularly since the end of the Second World War, liberty has been winning out all over the globe. A second great asset is that we are not alone. We have friends and allies all over the world who share our devotion to freedom. [...] A third asset is our desire for peace. It is sincere, and I believe the world knows it. [...] Yet it is important to know that our patience at the bargaining table is nearly inexhaustible, though our credulity is limited-that our hopes for peace are unfailing, while our determination to protect our security is resolute.”

John F. Kennedy (1917–1963) 35th president of the United States of America

Source: 1961, Speech to Special Joint Session of Congress

“The time has come for us to look after ourselves, and as the foreigner protects himself, so we must put the interests of our own people first. We will ask the country also to enter into trade agreements with our own dominions, under which we will ask them to buy our own manufactured goods, we taking in exchange foodstuffs and raw materials. … We will ask the electorate to give us powers to stimulate wheat-growing.”

Stanley Baldwin (1867–1947) Former Prime Minister of the United Kingdom

Newsreel interview (spring 1931), quoted in John Ramsden, A History of the Conservative Party: The Age of Balfour and Baldwin, 1902–1940 (1978), p. 320
1931

“Our more serious devastation was invisible—the shattering of our export trade through our being cut off for over four years from our normal overseas markets. We were the largest international traders in the world and were, therefore, more vulnerable in this respect than any other country. Our customers had been driven either to secure their supplies from rival sources or to start manufacturing for themselves. Indeed, our export trade has never recovered from the War, as the derelict factories of our industrial districts bear melancholy witness. While world trade had by 1927 risen to 120 per cent of the pre-war level, British export trade was only 83 per cent of its pre-war height. That is our real devastated area.”

David Lloyd George (1863–1945) Former Prime Minister of the United Kingdom

The Truth about Reparations and War-Debts (London: William Heinemann Ltd, 1932), pp. 8-9
Later life

“In order to calculate the size of the cake which will be left for civilian consumption, we have to estimate (1) the maximum current output that we are capable of organising from our resources of men and plant and materials, (2) how fast we can safely draw on our foreign reserves by importing more than we export, (3) how much of all this will be used up by our war effort.”

John Maynard Keynes (1883–1946) British economist

Source: How to Pay for the War (1940), Ch. 3 : Our Output Capacity and the National Income

“We Germans carried our hatred from the First World War to the Second World War, and now you are about to carry the hatred about the murder of 5 million people on to another World War.”

Hans Fritzsche (1900–1953) German Nazi official

To Leon Goldensohn, April 6, 1946, from "The Nuremberg Interviews" - by Leon Goldensohn, Robert Gellately - History - 2004

“This Australia of ours is a vast island continent inhabited largely by people of British or other European stock and with a heritage of national freedom, personal liberty and the institutions of a British parliamentary democracy. But geographically we are part of Asia, and increasingly we have become aware of our involvement in the affairs of Asia. Our greatest dangers and our highest hopes are centred in Asia's tomorrows. Already one Asian country [Japan] has become established as the largest purchaser, in terms of money value, of Australian exports. The only military operations in which we are now engaged or in which we have been engaged since the Second World War are located in Asia.”

Harold Holt (1908–1967) Australian politician, 17th Prime Minister of Australia

address to federal parliament after returning from a tour of Asia, 12 April 1967
As prime minister
Source: http://pmtranscripts.pmc.gov.au/sites/default/files/original/00001559.pdf

“No country would suffer more than Britain from an international trade war, since we depend more on world trade than any of our competitors. That is why we cannot accept the proposal made in some quarters that we should seek to solve our problems through imposing import controls for a long period over a whole range of manufactured consumer goods.”

Denis Healey (1917–2015) British Labour Party politician and Life peer

Speech http://hansard.millbanksystems.com/commons/1975/dec/17/employment in the House of Commons (17 December 1975)
1970s

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