In the desperate situation of Britain today, our party needs the support of all who value the traditional ideals of Toryism: compassion, and concern for the individual and his freedom; opposition to excessive State power; the right of the enterprising, the hard-working and the thrifty to succeed and to reap the rewards of success and pass some of them on to their children; encouragement of that infinite diversity of choice that is an essential of freedom; the defence of widely-distributed private property against the Socialist State; the right of a man to work without oppression by either employer or trade union boss. There is a widespread feeling in the country that the Conservative party has not defended these ideals explicitly and toughly enough, so that Britain is set on a course towards inevitable Socialist mediocrity. That course must not only be halted, it must be reversed.

The word “equality” is often used, but, wisely, rarely defined. The moment one tries to define it, one gets into great difficulty. For example, it cannot mean equality of incomes or earnings; otherwise, we would not need more than one union. Indeed, we would not need one union. If we are to have opportunity, we cannot have equality, because the two are opposite. We may have equality of opportunity, but if the only opportunity is to be equal, it is not opportunity.

The [Labour] moderates split off and that split of the moderates delayed the realignment of British politics for at least one generation and possibly two, because as a conservative passionately believing in freedom under the law and believing that socialism cannot stand for that, the realignment - you hear me say my job is to stay in long enough so that everyone knows that socialism and the British character do not mix, so socialism has got to go - is to get the fundamental realignment which I think is in keeping with the British character, which is two parties, a free enterprise party, because if you have political freedom under the rule of law you have got to have economic freedom as well. It is to bring about that can only be done really by eventually the Labour Party splitting off the Left and rejecting the Clause 4 and the command economy, and then we really should get a realignment.

We now know that bin Laden's terrorists had been planning their outrages for years. The propagation of their mad, bad ideology – decency forbids calling it a religion – had been taking place before our eyes. We were just too blind to see it. In short, the world had never ceased to be dangerous. But the West had ceased to be vigilant. Surely that is the most important lesson of this tragedy, and we must learn it if our civilisation is to survive.

But freedom without law is freedom only for the strong at the expense of the weak. Freedom without law is therefore no freedom, but rather anarchy or tyranny. Law is the bond of all civil society. We are not asking a favour of a man when we ask him to obey the law. Obedience of the rule of law is necessary for the continuance of liberty itself. Doubtless you will point out that laws have not always been just—indeed they have been very unjust. In South Africa that certainly has been the case. Thankfully, that is now being remedied. And alongside that, democracy has yet to be achieved.

We believe that economic progress comes from the inventiveness, ability, determination and the pioneering spirit of extraordinary men and women. If they cannot exercise that spirit here, they will go away to another free enterprise country which will then make more economic progress than we do.

Those terrorists will carry their determination to disrupt society to any lengths. Once again we have a hunger strike at the Maze Prison in the quest for what they call political status. There is no such thing as political murder, political bombing or political violence. There is only criminal murder, criminal bombing and criminal violence. We will not compromise on this. There will be no political status.

Socialists then shift the ground for taking industries into “public ownership”. They then tell us that some industries cannot survive any longer unless they are taken into public ownership, allegedly to protect the public from the effects of their collapse. It all sounds so cosy, and so democratic. But is it true? No, of course it isn't. The moment ownership passes into the name of the public is the moment the public ceases to have any ownership or accountability, and often the moment when it ceases to get what it wants. But it is invariably the moment when the public starts to pay. Pays to take the industry over. Pays the losses by higher taxes. Pays for inefficiencies in higher prices.