Page last updated at 14:48 GMT, Saturday, 31 October 2009

29 October 1980: Foot's magician


House of Commons

Virtuoso Commons performer Michael Foot, then leader of the opposition, ridiculed Industry Secretary Keith Joseph, using a story about a magic trick gone terribly wrong as a metaphor for monetarism.

Sir Keith is credited with establishing monetarism, an economic doctrine formulated by Milton Friedman and his followers which focuses on controlling the money supply in order to maintain price stability, as a cornerstone of Thatcherite policy.

But the Labour Party was sceptical that the doctrine could deliver the stability it promised.

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