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.

Think for a moment: what is the British equivalent of the U.S. Fourth of July, or even the French 14th of July for that matter?

Britain does not want a return to boom and bust.

If our economies are to flourish, if global poverty is to be banished, and if the wellbeing of the world's people enhanced - not just in this generation but in succeeding generations - we must make sure we take care of the natural environment and resources on which our economic activity depends.

Britain should be the world's number one center for genetic and stem cell research, building on our world leading regulatory regime in the area.

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

Indeed, Britain was set to repeat the old, familiar cycle of boom and bust. Since then, we have created and rigorously adhered to a new framework of modern economic management