1.
LS.MAUDLING SPEAKS. (MUTE)
0.03

2.
MS.MAUDLING SPEAKS. (SOF)
2.49


TRANSCRIPT: (SEQ. 2) MAUDLING: "I WANT TO TRY TO DISPEL TWO MYTHS THAT HAVE GAINED SOME CURRENCY RECENTLY. THE FIRST IS THAT THE BRITISH ECONOMY IS STAGNANT AND THAT MUCH OF BRITISH INDUSTRY IS OLD-FASHIONED. THE SECOND MYTH IS THAT MORAL STANDARDS IN OUR PUBLIC LIFE HAVE RECENTLY BEEN IN DECLINE. NEITHER OF THESE IS IN ANY WAY TRUE.



"OUR ECONOMY NOW IS REACHING RECORD LEVELS OF OUTPUT AND OF EXPORT, AND OUR RECENT TRADE EXPERIENCE SHOWS THAT OUR COMPARATIVE COST POSITION HAS BEEN IMPROVING AND THAT OUR COMPETITIVE STRENGTH IS GROWING. IT IS PARTICULARLY INTERESTING THAT DESPITE SOME NATURAL FEARS ABOUT THE FUTURE OF OUR TRADE WHEN THE COMMON MARKET NEGOTIATIONS BROKE DOWN EARLIER THIS YEAR, OUR EXPORTS TO THE COMMON MARKET CONTINUE TO RISE RAPIDLY, AFTER DOUBLING IN THE PAST FIVE YEARS.



"WE ARE NOW DETERMINED TO ACHIEVE A HIGH AND MORE SUSTAINED RATE OF NATIONAL ECONOMIC GROWTH, AND WE ARE CONFIDENT THAT WE CAN DO SO. THE NATIONAL ECONOMIC DEVELOPMENT COUNCIL, WHICH COMPRISE GOVERNMENT, MANAGEMENT AND UNIONS WHICH HAS SET A GROWTH TARGET OF 4 PER CENT A YEAR. I BELIEVE WE HAVE A GOOD CHANCE OF OVERCOMING SOME OF THE OBSTACLES THAT IN THE PAST HAVE STOOD IN THE WAY OF SUCH RAPID GROWTH.



"A FINAL WORDS ON THE SECOND MYTH. THE DENNING REPORT, OF WHICH YOU MAY HAVE HEARD, HAS DONE THE GREAT SERVICE OF DISPELLING THE CLOUD OF SCANDALOUS AND FOOLISH RUMOURS THAT HAS HUNG OVER OUR PUBLIC LIFE THIS SUMMER. IT IS CLEAR THAT IT MAKES NO MORE SENSE WOULD TO JUDGE THE UNITED STATES ON THE CRIMINAL ORGANIZATIONS OF NEW YORK. THE TRUTH IS THAT OUR SOCIETY IN BRITAIN REMAINS PROGRESSIVE AND TOLERANT, BUT BASED ON HONOURABLE PRINCIPLES AND A DEEP CONVICTION OF THE VALUE OF INDIVIDUAL LIBERTY. AS BRITAIN'S ECONOMY STRENGTHENS, AND AS OUR SOCIETY GROWS MORE PURPOSIVE, OUR RESOURCES WILL GROW FOR THE DEFENCE OF FREEDOM AND THE PURSUIT OF WORLD PEACE. IN ALL THIS WORK WE INTEND TO REMAIN YOUR FIRM FRIENDS AND ALLIES."




Initials PGR/N/BHH/PB



Script is copyright Reuters Limited. All rights reserved

Background: MR.REGINALD MAUDLING, BRITAIN'S CHANCELLOR OF THE EXCHEQUER, HAS TOLD AMERICANS THAT LORD DENNING'S REPORT OF THE PROFUMO AFFAIR HAD DISPELLED "THE CLOUD OF SCANDALOUS AND FOOLISH RUMOURS" THAT HUNG OVER BRITISH PUBLIC LIFE THIS SUMMER.

IN A SPEECH AT THE NATIONAL PRESS CLUB IN WASHINGTON YESTERDAY (THURSDAY), MR.MAUDLING SAID A NEW SERIOUSNESS OF OUTLOOK AND PURPOSE WAS NOW EVIDENT EVERYWHERE IN BRITAIN.