SUPPOR boom can hide the fact that while exporting is made easier because the year manufacturing investment fell by 15 percent. This year it will fall again by a further 5 to 6 per cent. Compared with a figure of £2,130 million in 1970, industrial investment in 1976 will be just £1,700 at COnstant onces The Government's manoeuvres and the capitulation of the "lefts' mean one thing for the working class. Faster-falling living standards, bigger cuts and more unemployment - for that is the only way productivity can be increased in a situation where investment is falling That is the ransom that will be exacted from the labour movement by the leaders of the TUC on 16 June when they steamroller through acceptance of the Healey pay deal. It is the price that the working class will continue to pay until a class struggle opposition is built throughout the labour movement that can challenge the disastrous policies of this Government and throw out the traitors in the unions and Labour Party who police them.
No amount of rhetoric from Callaghan and Healey about an export-led pound is so cheap, British capitalism is nowhere near an industrial recovery. The key to actual expansion is industrial investment in new capital. Last