"In terms of GDP, the UK is the sixth most wealthy country in the world. But our national balance sheet carries many liabilities. Our physical infrastructure is old. Our health service is creaking. Whilst the best of our education - especially higher education - is world-class, some of it is unforgivably awful

We are up to our ears in debt. The Exchequer is empty. The gold is gone. The post-dated cheques are accumulating interest. We are over-taxed. We have an under-class: poorly educated, poorly housed and unmotivated.

We are no longer an Empire, nor will be ever again. We are a shrinking military power. By choice, and with majority public approval, we are semi-detached members of the EU. And even America - for so long our closest ally who generally sees the world as we do - is turning her face to the East, as self-interest determines she must."

- Sir John Major