"We used to think that you could spend your way out of a recession and increase employment by cutting taxes and boosting government spending. I tell you in all candour that that option no longer exists, and in so far as it ever did exist, it only worked on each occasion since the war by injecting a bigger dose of inflation into the economy, followed by a higher level of unemployment as the next step."

You may also like:

• 

  Alec Douglas-Home
  Former Prime Minister of the United Kingdom

• 

  Anthony Eden
  Former Prime Minister of the United Kingdom

• 

  Clement Attlee
  Former Prime Minister of the United Kingdom

• 

  Edward Heath
  Former Prime Minister of the United Kingdom

• 

  Harold MacMillan
  Former Prime Minister of the United Kingdom

• 

  Harold Wilson
  Former Prime Minister of the United Kingdom

• 

  John Major
  Former Prime Minister of the United Kingdom

• 

  Margaret Thatcher
  Former Prime Minister of the United Kingdom

• 

  Michael Foot
  Former Leader of the Labour Party