Britain has no divine right to be one of the richest countries in the world.

We need to think deeply about whether we can sustain banks that are not only too big to fail, but potentially too big to bail.

The positive news is that the British economy is continuing to grow and is creating jobs. And it is positive news too that at a time of real international instability we are a safe haven in the storm.

At the moment we are hard-wired into the European markets - 50% of our exports go to Europe - and that has not been good for the UK. So I'm not saying "make Britain entirely dependent on China". I'm saying "let's diversify a bit". When I became chancellor, China was our ninth largest trading partner. This is the world's second biggest economy. China was doing more business with Belgium than it was with Britain.

One big theme for me is that we have got to move from an economy built on debt to one where we save and invest in the future.

No other chancellor in the long history of the office has felt the need to pass a law in order to convince people he has the political will to implement his own Budget.

China is absolutely one of the biggest players in the world and if Britain wants to be connected to the world it has to be connected to China.