"It's not a purge!" Kemi Badenoch on forging a future for her party

Let's go finally to one

other thing on the menu, on the shopping list, if you like, of policies.

Much more defence spending.

If Britain is to meet its NATO commitment to spend 3% of GDP by 2030, even more than that, 3.5% by 2035, we're talking tens of billions of pounds in extra spending.

Now, there are some who say the answer to this is, just as we did in the war, to issue war bonds, to say this is a unique situation.

Putin is a threat in a way that we haven't faced a threat since the Second World War.

War bonds, so long as they're committed purely to defence, is a legitimate form of borrowing.

To which you say what? So it's funny you should ask this.

I've just been at the air show in Farnborough and I gave a speech where I said war bonds are just borrowing in a fancy outfit.

Borrowing more to pay for defence means more interest on debt than what we're spending on defence.

But lots of other countries in Europe are doing it.

The Germans are doing it, for example.

They have changed their limits on borrowing in order to be able to invest in their defence.

We need to cut spending.

We have grown so fat on welfare.

Before the Cold War was over, we were spending one in every three pounds on defence, one in every seven on health and welfare.

Now we spend one in every three pounds on health and welfare, one in every seven on defence.

That does need some rebalancing.