Well British pension funds have not been investing the savings of British people in British infrastructure.

I'm not saying "job done" but I am actually pretty confident that Britain can be one of the biggest winners from these big global changes that are taking place and indeed become the richest of the major economies in the world in this coming generation.

The rise in world oil prices has been larger than anyone forecast.

There are plenty of people who don't want change - the Labour Party, some of their militant trade union friends like Unite busy causing strikes at the very beginning of a fragile recovery.

I am actually quite encouraged and I think, actually, the UK is coping with globalisation a lot better than most other European countries. And that is reflected in the fact that (whilst of course there are people who are still unemployed) our unemployment rate is low and (whilst of course we need to export more) we are attracting a huge amount of inward investment into Britain.

What's interesting is whilst Shanghai has gone stellar - literally, in these massive buildings which have appeared since I first visited - Beijing has become a much more vibrant and interesting place. A lot more business is done here.

Britain is not part of the single currency. That is a decision we have taken, a voluntary decision of this country, but as a result are part of a European Union 19 of whose members are rapidly integrating, creating political, fiscal, monetary, economic union to make their currency work. And that is increasingly rubbing up against the operation.