Socialist Challenge, 328/9 Upper Street, London N1. they're all applauding? First, Inflation is slowin failing August saw the smallest monthly rise for 18 months in the factory gate prices charged by the manu lecturing industry and the quarterly rate of increase is down by nearly one take time to which So Denis Healey is now the blue-eyed International Monetary Fund. Only a year ago, there was • dramatic dash from Heathrow in response to the collapse of the pound on foreign exchange markets.
The IMF conference has just been and gone, and the Chancellor of the Exchequer has flown the Atlantic twice to receive pats on the back from everybody. So what is it prices in the shops Use reflected in the has been SO VILET being with this since 1970, total boy of the cent.
Healey?
Unemployment Rut inflation was running at a rale of 14.9 per cent in August compared to 15.9 per cent in Jul and a percent ast a bo tr rate of increase in retail prices is Falling, and this is expected to Mr. Henley?
iney sustain in Eatis Amedica pre-Moscos SHEENE lasury but as it vile means the right to organise continue. Well done, Healey!
BALANCE OF PAYMENTS Secondly, the United Kingdom increasing its share of world trade and last August saw a repond surplus in trade in good North Sen •g. production is increasing and the prospects look good for a conbalance of payments surplus for some years to corne The pound is firm on the foreign exchanges and interest rates are al their lowest level for several years. Bravo Henley!
Thirdly, Government spending and the money supply are both firmis and successfully held within the IMF-Imposed limits, restoring Britain's finan cial credibility. Isn't Healey bril STAGNANTECONOMY There is just one small problem picture produclion is at a lower level today than it was a year ago, and, more significantly, manufacturing production has fallen by 2.3 per cent Since last May. In the seven years I production has risen by the grand total or 1.s pe So real economic activity has been virtually stagnant since 1970. Not so pood, is it Mr Aud since productivity has heen growing worly, less workers are needed to produce the output in mid-Sepcem ber stood ar 145m 6.1 per cent of the workforce. Uner ployment has risen for the fourth montle in succession 33,000 a month. What's more notified vacancies have fallen i by just over 4,000 a month. Unis definite rising trend. But it's best not t talk about these things, isn't it, ANDA 1 you agree with chose principles and went to tie Tarafved in activides by sochalist Challeage sip porters in gnur uree, fifis the for belon andsond ic am interested-in-niore informelton about net sities in ney area would like additional lin ratine unat enclose 30p to pover cosis.
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DRESS 0 Nepd to Socialist Chullenge, 32% 329 Upper Streel. London NI. What is the renson for rising employment and stagnant pro duction? There is no point in th capitalists increasing beir output and hiring more workers when it is unprofitable to do so, rofitability of industrial an sommercis compas ID 19: (allowing for inflation on the basis of replacement cossi aver aped les chan 1. per cent, much the same as in 1975 and less than hail the rate for 1470.
profitability af British Industry has Fallen sharply since 1972, and many Bictories are only profilable becouse of the lik relief they get for stock appreci The truth is that, far from its troubles being over, British capit alism is in the same old mess. A made a sinlar point in thi bourgeois press. However good the financial Figures are, 1 1s real production thal matters. And in the present economic system tha means private produceor private profit.
When production is unprofitable, people lose chair Joba. The they coald have produbed, If employed, is lost for ever But that is of no importance lo a system which is not geared to the production in order to meet be real needs of people DIFFERENT WORLD That is why attempts are made to make it profitable by attacks on the working clasa. Linder this systemn it is the workers who are required to pay for the mess i wbich capitalism periodically a inevitably gets into.
Hur naturally, Healey will no COLLECTEr. the world he lives in is a very hy SEC
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Did people haven'T seen much economic opturn: Pensioners heid a 46-nour vigil outside the house of Socia Services Secretary David Ennals last winter. They demanded higher penalons aod lower beating ooats
WE DEMA DECENT PENS
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