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Synopsis :

In his speech at a lunch gathering, former British Prime Minister Edward Heath says that he first came to Singapore in 1961 and has come many times since then. In 1968, he discussed with the Prime Ministers of Malaysia and Singapore the possible establishment of a Five Power Force if his Conservative Party was returned to power. In 1970, he became Prime Minister and the Five Power Treaty was organised and accepted. This gave Malaysia and Singapore time to adjust their own defence interests and brought stability to the area. His visit this year took him to the United States where he discussed the economy. He also visited China, Japan, Hong Kong and Singapore. Mr. Heath feels that this region plays a major part in the world's military, political and economic strategy. This area will see more change than any other because people want a better standard of living, and better basic fundamentals like homes, jobs and food. He is impressed with Singapore's progress in developing its port, housing and industrial estates. Today, the island has Chinese and Japanese Gardens as well as a bird sanctuary. Hong Kong too has progressed with projects which are not possible to carry through in Britain. Mr. Heath notes that Britain has grave economic problems with a high rate of inflation and unemployment. There are problems of imbalance in the British economy and imblance in the relationship between management and unions. Britain also has a trade imbalance which can affect its currency. He says that he was personally opposed to the referendum that confirmed Britain's membership in the European Community as it was damaging to the Parliamentary system. People in Britain have to work together to overcome the country's problems and he is optimistic that they can get on top of these problems. In order to meet the people's aspirations, investments and output have to expand. Mr. Heath then answers a question on the role of government expenditure in managing the economy.