Peace is not bought cheaply. It cannot be won without cost. The cost of Britain's defence is the price we pay to prevent war. The money for our armed services is truly our “peace tax”. What a cruel irony it is that the word “peace” has been hijacked by those who seek one-sided disarmament. It's ironic because if only one side disarms, the other is far more tempted to aggression. Unilateralism makes war more likely. We who believe in strong defence are the true peace party.

Popular capitalism, which is the economic expression of liberty, is proving a much more attractive means for diffusing power in our society. Socialists cry "Power to the people", and raise the clenched fist as they say it. We all know what they really mean—power over people, power to the State. To us Conservatives, popular capitalism means what it says: power through ownership to the man and woman in the street, given confidently with an open hand.

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The interviewer Stina Dabrowski said to Thatcher: "So when people criticise you and say what it led to the period when you were prime minister was that the rich became richer and the poor and the became poorer." Thatcher replied "That is not correct. The poor also became less poor, because the benefits at the bottom for those who are genuinely poor do go up. Money spend on education goes up and on the Health Service goes up so that is not true. What happens you might get a bigger gap but you might start here creates a small gap particularly if you're paying top tax today - 83% on earnings and income and 98% on savings. Your gap goes up, it does go up, but the whole thing moves up the gap, you must give people incentive!

For generations, we have assumed that the efforts of mankind would leave the fundamental equilibrium of the world's systems and atmosphere stable. But it is possible that with all these enormous changes (population, agricultural, use of fossil fuels) concentrated into such a short period of time, we have unwittingly begun a massive experiment with the system of this planet itself...the increase in the greenhouse gases...has led some to fear that we are creating a global heat trap which could lead to climatic instability.

And I will go on criticising Socialism, and opposing Socialism because it is bad for Britain (...) It’s the Labour Government that have brought us record peace-time taxation. They’ve got the usual Socialist disease – they’ve run out of other people’s money.

The Labour Party has now been taken over by extremists...The Labour Party is now committed to a programme which is frankly and unashamedly Marxist, a programme initiated by its National Executive and now firmly endorsed by its official Party Conference. In the House of Commons the Labour Left may still be outnumbered, but their votes are vital to the continuance of Labour in office, and that gives them a strength out of proportion to their numbers. And make no mistake, that strength, those numbers, are growing. In the constituency Labour parties, in the Parliamentary Labour Party, in Transport House, in the Cabinet Room itself, the Marxists call an increasing number of tunes...let's not mince words. The dividing line between the Labour Party programme and Communism is becoming harder and harder to detect. Indeed, in many respects Labour's programme is more extreme than those of many Communist parties of Western Europe.

I am not talking about failure, I am talking about my supreme confidence in the British fleet...superlative ships, excellent equipment, the most highly trained professional group of men, the most honourable and brave members of Her Majesty's Service. Failure? Do you remember what Queen Victoria once said? “Failure—the possibilities do not exist”. That is the way we must look at it, with all our professionalism, all our flair and every single bit of native cunning, every single bit of professionalism and all our equipment and we must go out calmly, quietly, to succeed.