"But don't forget that we fought a 1974 election on saying really that pay couldn't go on going up as it was. The important thing … you must never look at pay on its own, what you've got to look at is pay in relation to the amount produced. It's when those two get badly out of line that you get inflation. And now obviously, we've got very much higher pay, but we're producing less than we were in 1970, so it's the relationship that you've got to watch. Don't look at pay separately. Once you start to cut off a man's pay from the fruits of his labour, he will inevitably feel enormous resentment. If he's going to work harder, of course he deserves more pay, and he doesn't want it all taken away in tax. But there are two sides of the equation you've got to look at."
1976 Feb 5, TV Interview for Thames TV 'This Week'