00:00I'm going to resist jumping straight in on recent events and the row about defence spending.
00:07It does underline the case for change, the need for stronger leadership and a serious plan to
00:15arrest and reverse Britain's decline. I am going to set out an alternative vision for Britain's
00:21future, a Britain that grows again and grows together and an argument for the progressive
00:28capitalism we need to get us there. This is the single biggest challenge facing our country
00:35because our security is built on the bedrock of the British economy. Anyone who aspires to lead
00:43our country must confront this reality and recognise that even if the crisis in the Strait of Hormuz is
00:51ended, the long-tail consequences for the global economy and for Britain will be felt for some
00:57time to come. In a world we now face, defence can no longer be separated from economic policy.
01:03The technologies that will decide our security are also the technologies that will shape the future
01:08economy. A vibrant tech sector is now defence capability and in defence investment, if done
01:17well, we can see a driver of industrial innovation in return for our investment. That's why the government
01:24can't afford to misfire on the defence investment plan. There are three things that need to be done
01:30and in very short order. First, make sure the plan is fit for the future, ready to prevent the next
01:38war,
01:38not fight the last one. Second, make sure it's funded adequately. And third, match that investment to
01:48modernisation. And I would hope that after Thursday's by-election, when the results are in, and I very
01:55much hope Andy Burnham wins. I was there yesterday campaigning for him again. When the results are in,
02:00I hope the Prime Minister will at that stage reflect on his own position and set out a timetable. I
02:06think
02:06that would be a better way forward for everyone.
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