People know that billions of pounds are wasted. Billions of pounds never get near the families that need it. It is an absolute outrage that hard-working people go out to work every day, get up early, come back late, don't see enough of their families in order to pay taxes to fund vast bureaucracies that are inefficient in order to fund a welfare system which allows too many people to sit for the whole of their lives on out-of-work benefits without going out to look for work.

I think we woefully failed to connect Britain to the growing Chinese economy in the previous decade, and I have sought to remedy that. China is now the sixth biggest trading partner with the UK. We have attracted now the lion's share of Chinese investment that is going into Europe.

What I'm interested in is Britain projecting itself abroad, and through that its values and the things it holds dear. And I don't think you do that by refusing to talk to the world's second-largest economy [China]. In fact, that is positively counter-productive in my view.

Let's also teach people about pensions and savings, insurance and the like. But if they aren't already familiar with numbers that won't be as effective as it might be.

I reject absolutely the idea that people should know their place, and know their class.

I think Britain needs to get out there on the world stage and make itself heard. And for much of my political career, there has been a sense of retreat from the world stage because of what happened in the Iraq War.

Every day as Chancellor I see alerts telling me of risks around the world.