claimed that Labour, by contrast, did not get how serious the situation was. He talked of hard truths and painful decisions, a grave moment and an hour of reckoning, a serious risk that Britain might not remain a major industrial country. Labour, he said, was a party not of one nation, but of one notion, namely borrowing more to try to stimulate the economy, a notion that the prime minister claimed was a massive gamble that would lead to higher interest rates.

So, thus Mr Cameron's argument. A few thoughts in response:

1. It is extraordinary that seven years into the leadership of the Conservatives Mr Cameron is still having to define himself and tell his party what he is about. The world has certainly changed substantially since 2005 andso they can achieve the results that they want.

Dubai has emerged as a global city and business hub of the Middle East. It is also a major transport hub for passengers and cargo. By the 1960s Dubai's economy was based on revenues from trade and, to a smaller extent, oil exploration concessions, but oil was not discovered until 1966. Oil revenue first started to flow in 1969. Dubai's oil revenue helped accelerate the early development of the city, but its reserves are limited and production levels are low: today, less than 5% of the emirate's revenue comes from oil. The emirate's Western-style model of business drives its economy with the main revenues now coming from tourism, aviation, real estate, and financial services. Dubai has recently attracted world attention