Our approach is to reject the old vicious circle of the '80s-rising debt, higher long-term interest rates, higher debt repayment costs, lower growth, higher unemployment, then enforced cuts in public spending. That was the old boom and bust.

No one should be held back from realising their potential by fears that they will not be able to afford to go to university or that they will graduate with unmanageable levels of debt.

Take, therefore, what modern technology is capable of: the power of our moral sense allied to the power of communications and our ability to organize internationally. That, in my view, gives us the first opportunity as a community to fundamentally change the world.

Each year India and China produce four million graduates compared with just over 250,000 in Britain.

Britain can be proud of its response to the tsunami appeal.

We are being tough in saying it is a duty on the unemployed in future not only to be available for work - and not to shirk work - but also to get the skills for work. That is a new duty we are introducing.

You need in the long run for stability, for economic growth, for jobs, as well as for financial stability, global economic institutions that make sure that growth to be sustained has to be shared, and are built on the principle that the prosperity of this world is indivisible.