(21 July 2002, interviewed by Peter Sissons on BBC Breakfast with Frost,)

"You see I was in the Labour Cabinet in 1976 when the IMF told us we had to cut £4 billion off our public expenditure. Denis Healey was the Chancellor, very fair man, wrote afterwards it wasn't necessary, it led to huge cuts in public expenditure which triggered the trouble over that winter. So I think the, what you might call the conventional view that it was the left or the trade unions that destroyed the Labour government, I think it was the IMF myself."