Description not available
Interviews with Brown, Callaghan and Maudling.
BROWN. If expenditure was to be cut, where would the cuts come. The White Paper makes it clear that there are things being done which make great demands on resources which have a low economic or social priority but are held by somebody to have high prestige value - this is what we are going for. The Concord is an obvious case which ought to be re examined. Areas of defence may also need examining, but we still intend to defend ourselves in a modern and relevant sense in view of the state of the world today, but if there are projects which can be pruned this will be done.
CALLAGHAN. This is in some ways a November budget because it will require a bill through Parliament. 15% import surcharges will mean higher prices in the shops for some imported goods, but it won't have a substantial effect on the cost of living. We expect the cost of living to rise a little but certainly less than a point. We are going to have to borrow from the International Monetary Fund quite soon - we will have to discuss the amount with them, but have inherited a deficit of 800 millions pounds, the largest deficit I can ever remember.
MAUDLING. I don't think I would have introduced short term measures immediately - probably would have waited a while to see one or more trade returns, but if I'd felt that short term measures were needed I would have chosen this kind of thing. All these measures were thoroughly examined in the summer under my instructions, so all studies and preparations for the work were done. I was surprised and disappointed by the September Trade Figures.
SHOTLIST INTENDED AS A GUIDE ONLY.
Script is copyright Reuters Limited. All rights reserved