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.

For example at the moment there is a compulsory requirement to buy an annuity. That is something we would get rid of. It puts some people off saving.

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

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 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.

Everyone in our society has had to make a contribution towards dealing with the debts.

Even a China growing at 7% or indeed less is still adding to the world economy an economy equivalent to the UK or more.