You were in government for 14 blumin years.

You look at that 14 years, growth remained anemic.

That feels a bit unfair on the electorate that you only realise this as you come out.

A doctor earning 100 grand, the state was borrowing 25 grand to be paid by future generations

to pay that doctor's salary.

Normally you'll get a kind of gimmicky announcement at a budget.

So you admit you do gimmicks at the start? There's too much gimmicks on all sides in politics,

empowering regional mayors to sort out problems like properly transforming the welfare system so that

people have incentives to take jobs and not remain parked on welfare. You did two national insurance cuts at a cost of 20 billion,

but actually it was just an electoral bribe. Nonsense. And let me just explain that because...

This episode is brought to you by Octopus Energy. Greg Jackson, the CEO, is with us now.

So Greg, I've got a question for you.

Is it true that by 2040 in China, there will be no petrol stations because everyone will be driving electric cars?

Yeah, crazy as it seems, the Chinese state oil company, the one in charge of its petrol stations, is planning on having none by 2040.

If you visit China today, what's really striking is the roads are quiet.

I mean, all of the two-wheeled vehicles that used to pump out pollution and noise are now electric,

pretty much all the taxis, buses, increasingly more than half the private cars

that are sold in now are electric.

And even this year, so far,

25% of their trucks are electric.

So that electrification means that they're going to be

less affected by global oil shocks

...