Proud wet
Sir: Colin Welch in his review of Sir Ian Gilmour's Britain Can Work (12 March) is most tiresome in repeating the absurd fallacy that the only way to provide new resources is from higher taxation or infla- tion. Capital expenditure whether public or private, Mr Welch, comes from revenue and properly evaluated is intrinsically a form of saving which provides further in- creased revenue. If the long-awaited recovery does materialise, judicious and adequate invest- ment will need to play its part. Sir Ian was right also to grasp the wages nettle which is going to be the key whoever wins the next election. Incomes policy, despite past failures and sabotage from Right and Left, has to be practised in some form or other. Refinement of its opera- tions, plus aspects of parliamentary reform, including some form of PR, are rational ideas which the Conservative Party is going
to have to deal with sooner or later.
There seems little doubt now that 'Wet' is going to be a badge that one is going to be prouder to wear than 'Dry'.
Sydney Shenton
95 The Crescent, Davenport, Stockport, Cheshire
Previous page
