Now, that brings me to the Liberal Party. I gather that during the last few days there have been some ill-natured jokes about their new symbol, a bir… - Margaret Thatcher

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.

Our aim is not just to remove our uniquely incompetent Government from office—it is to destroy the socialist fallacies—indeed the whole fallacy of socialism—that the Labour Party exists to spread.

The restoration of the confidence of a great nation is a massive task. We do not shrink from it. It will not be given to this generation of our countrymen to create a great Empire. But it is given to us to demand an end to decline and to make a stand against what Churchill described as the “long dismal drawling tides of drift and surrender, of wrong measurements and feeble impulses”. Though less powerful than once we were, we have friends in every quarter of the globe, who will rejoice at our recovery, welcome the revival of our influence, and benefit from the message and from the example of our renewal.