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Since 1997 we have seen huge improvements in the infrastructure of the nation in rail, schools, hospitals and science.

If we had not made those investments, our public realm would have resembled that of a third-world nation. The Labour Party should be proud of those achievements.

Naturally, there is a need to go further.

I strongly support projects such as HS2. A single driver such as HS2 will create not only a different mindset among industrialists but also employment.

I also support innovation policies to create a more broadly balanced economy.

We can learn, too, from fast-growing nations. I often visit China. On a recent trip I saw that, when growth faltered, the Government announced 25 major rail projects.

They also announced further investment in innovation, aiming to surpass American R&D spend in a decade.

This approach creates a framework for long-term growth, encouraging business investment and increasing the likelihood that jobs created by these businesses will be sustained over a period of time.