Robert Peston

1998, to borrow for 30 years the government.

It's paying an interest rate.

I mean, that is...

Actually, you know, it does your head in when you think about that.

What do you mean by the social contract?

I completely agree with you.

You are absolutely right in that sense.

The social contract has broken.

And it is actually part of the argument I sort of had with the prime minister yesterday.

So, you know, he goes to Waterloo, the sort of community centre in Waterloo, and does his great reset speech.

Yeah, well, I made a terrible joke yesterday on the news where I said he doesn't want to be Napoleon, he's trying to be Wellington.

And so far, it's not clear whether it's working.

But anyway, he said in this speech, which was supposed to, I don't know, it's probably the 49th time, redefine his premiership, relaunch.

But this time, he wants us to believe it's real.

He said...

The time for incremental changes, little step-by-step changes, is past.

The challenges are just too great.

And before I get on to why he said that, what my argument was, I should point out that one of the things that is... I couldn't start with a laugh or cry about this, but they put out a press release

about this speech and the headline was the time for incremental changes is over and then the next sentence says in the coming months he will set out the steps to achieve that do they not understand English

If the time for incremental change is over, you don't have steps.