Dangerous debt
Sir: Mr Heath recently told Le Figaro: "British people are hard-headed and realistic. Before they are convinced that something is good for them they like to have some proof." At the end of her first year as a member of the European Community Britain had a staggering balance of trade deficit. Outstanding Treasury Bills amounted to £6,201 million. Now from various quarters fears are expressed that the Prime Minister is likely to seek in the region of £2,500 million from the International Monetary Fund for Common Market, Maplin, Channel Tunnel and other inflationary policies — with North Sea oil as security.
Instead of plunging yet further into the hands of international bankers, thereby subjecting the UK to inimical economic and political pressures, the Government should take electors into its confidence, explaining the need for tightening their belts, standing on their own feet and not burdening themselves with excessive interest payments. It should also bear in mind that government by decree is the negation of democracy and must delight communists and fellowtravellers, who see it as helping to pave the way for a type of rule not too dissimilar from that prevailing in Russia.
L. M. Hopkins Wick Crest, Devizes, Wiltshire
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