So another challenge for our generation is to create global institutions that reflect our ideas of fairness and responsibility, not the ideas that were the basis of the last stage of financial development over these recent years.

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.

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

I believe there is a moral sense and a global ethic that commands attention from people of every religion and every faith, and people of no faith. But I think what’s new is that we now have the capacity to communicate instantaneously across frontiers right across the world.

I’m a father; that’s what matters most. Nothing matters more.

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.

America knows it has got to deal with its deficit problems so that it, too, can promise it is making its proper and best contributions to the world economy.

In 2005 we have a once in a generation opportunity to deliver a modern Marshall plan for the developing world.

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.

There is nothing that you could say to me now that I could ever believe.

So another challenge for our generation is to create global institutions that reflect our ideas of fairness and responsibility, not the ideas that were the basis of the last stage of financial development over these recent years.

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

We spend more on cows than the poor.

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.

We must then build a proper relationship between the richest and the poorest countries based on our desire that they are able to fend for themselves with the investment that is necessary in their agriculture, so that Africa is not a net importer of food, but an exporter of food.