Rupert Lowe

I have every faith in their ability if they're cut free.

But they've got to be cut free pretty quickly, Tucker.

I mean, our view is that if we haven't done it by 29...

It could be too late.

There's not much time.

There's not much time.

Labour's in charge until 29, but I think the Achilles heel there, possibly, is the economy.

So you talked about what is the British economy.

The British economy is...

as you know, as the American economy was, relied on something I hate called quantitative easing, which is basically getting high on your own supply, as I call it.

It's basically what third world dictators used to do shortly before their currencies descended into chaos.

But because you've got this sort of

manufacturing taking place in one part of the world and the consumption in another part of the world, they've been able to get away with it so far.

But it's still further hollowed out productive Britain.

So I'm very worried about our level of debt.

We're looking at a level of debt of around 100% of our GDP.

Our civil service pensions are off balance sheet, and there's another, we don't know the exact number, somewhere between 3 and 5 trillion, maybe a bit more, which is probably 200% of GDP.

That's not even on the balance sheet.

We have this accounting system called Oscar II, which I think is probably delusional in that it leaves off chunks of liability and probably enhances chunks of the asset side of the balance sheet.

So I think we're delusional.