Churchill begins the speech with a reference to a previous speech:
"I spoke the other day of the colossal military disaster which occurred when the French High Command failed to withdraw the northern Armies from Belgium at the moment when they knew that the French front was decisively broken at Sedan and on the Meuse. This delay entailed the loss of fifteen or sixteen French divisions and threw out of action for the critical period the whole of the British Expeditionary Force. Our Army and 120,000 French troops were indeed rescued by the British Navy from Dunkirk but only with the loss of their cannon, vehicles and modern equipment. This loss inevitably took some weeks to repair, and in the first two of those weeks the battle in France has been lost"