Several months ago
there was a report in some British papers of an unusual speech by the Governor
of the Bank of England, Mervyn King. The speech gives a glimpse of a discussion
that must have recently taken place amongst the British capitalists, and which
the Gate Gourmet dispute is a direct consequence of. It is about the use of
cheap immigrant labour to drive down wages and worsen working conditions.

House price increases are slowing down in Britain. In June in London
prices actually fell. This is the beginning of the end of the house
price bubble and it will be very painful for many families who have
borrowed on the basis of the increased equity in their property. It
will have a knock-on effect on the whole economy as spending is already
slowing.

We republish this article on the referundum on the EEC Common Market, written by Ted Grant in 1979. The article explains that the struggle against a capitalist common market needs to be linked to the struggle of changing society on socialist lines, as the struggle against the European Constitution today must also be.