The global economic outlook remains fragile and uncertain. Global economic imbalances persist and we must address them or risk future instability.

The Great Depression, like most other periods of severe unemployment, was produced by government mismanagement rather than by any inherent instability of the private economy.

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We should have been there shoulder to shoulder with our allies. Our concern is the instability of our government as an ally. We are playing again with national and global security matters.

Some think that by preparing to deal with crises you make them more likely. I think the wiser judgment is the contrary. In this area at least, if you want peace or stability, it's better to prepare for war or instability.

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.