03/11/2011 This Week


03/11/2011

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Tonight, This Week remembers Sir Jimmy Saville and asks for his help.

:00:23.:00:28.

Dear Jim, please, please, please, help us fix Greece and the eurozone

:00:28.:00:33.

crisis. Journalists and commentator Mary-

:00:33.:00:38.

Ann see Sieghart gets her wish to take part in a Greek tragedy.

:00:38.:00:43.

eurozone is facing its worst crisis in its history. At least since last

:00:43.:00:48.

week. Now then, now then guys and gals,

:00:48.:00:53.

this is from Lambeth Palace: Please ask God to make the protesters go

:00:53.:01:02.

away. From Rome, 6 1 and a half. Diane Louise Jordan thinks she can

:01:02.:01:06.

help. Whilst the church can't wish the protesters away, it needs to

:01:06.:01:10.

reach out and stand up for what it really believes in. Goodness

:01:10.:01:16.

gracious, as it happens, what made Jimmy Saville make people's dreams

:01:16.:01:20.

come true and what made three Pakistani cricketers throw their

:01:20.:01:27.

dreams away. We look at motivation, the Strictly phenomenon Nancy

:01:27.:01:32.

Dell'Olio. I'm really looking forward to coming on to This Week,

:01:32.:01:40.

especially to dance my tango with Andrew. How's about that then?!

:01:40.:01:46.

Evening, all. Welcome to This Week, the show which knows as much about

:01:46.:01:50.

Party Politics as Pippa Middleton does about party planning, which

:01:50.:01:55.

fortunately for us sets the bar comfortably low. Unlike her, we

:01:55.:01:59.

don't have to write a book about it. Even we couldn't miss the launch of

:01:59.:02:04.

the coalition's eye-catching, much- anticipated growth strategy, or to

:02:04.:02:09.

give it its official title, the high-viz jacket strategy. There

:02:09.:02:13.

comes a time in every faultering Government with the economy tanking

:02:13.:02:17.

and the price of fizzy German wine rocketing when Cabinet members are

:02:18.:02:22.

suddenly spotted in a procession of day glow work wear outfits and

:02:22.:02:25.

goofy safety glasses designed to give the impression that they

:02:25.:02:30.

really do know what they're doing. First up This Week was Boy George

:02:30.:02:34.

in the luminous pink health and safety anorak. Who gave a less than

:02:34.:02:37.

convincing emprition that he understood what that nice working

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class chap from Network Rail told him about this latest engineering

:02:44.:02:51.

thingy. Then Nick Clegg popped up at Sheffield Forge Masters

:02:51.:02:55.

Steelworks looking like Eddie the Eagle to announce a �36 million

:02:55.:03:01.

loan to the company just 16 months after the coalition cancelled an

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�80 million loan to the very same company.

:03:04.:03:11.

But, 16 months ago, Mr Clegg's constituents quite liked him. Yes,

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nothing makes a politician happier than using our money to buy them

:03:14.:03:20.

votes. Speaking of bare faced cheek, I'm joined by two of Westminster's

:03:20.:03:23.

most shameless self-publicists. Think of them as the Katie Price

:03:23.:03:27.

and Peter Andre of late-night political chat and you can decide

:03:27.:03:30.

which is which. I speak of course of Michael Portillo and Alastair

:03:30.:03:36.

Campbell. Good Evening, gentlemen. Hello, an true. Michael, your

:03:36.:03:40.

moment? I'm very interested in the way national sovereignty is being

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eroded. There was the spectacle of Angela Merkel and Nicolas Sarkozy

:03:45.:03:47.

berating the Greek Prime Minister for having the cheek to consider

:03:47.:03:51.

that he should ask his people what they thought of the deal. But also,

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I'm very interested, it's clear that Merkel and Sarkozy have been

:03:55.:03:59.

making telephone calls to other politicians in Greece. I was very

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struck that at dawn this morning, suddenly the Greek Finance Minister

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comes out and announces that he's against the referendum which made

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the referendum collapse. It just makes you wonder whether these

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people inside Greece now, their strings with being pulled by the

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elite in Brussels or, as they are this week, in Cannes.

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By the Presidents and the Chancellor? You may say that.

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Suppose it's better than invading telephone calls. Alastair, your

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moment? It was going to be about the Greek crisis until I went to

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the green room and Nancy jumped all over me. So that's now my moment of

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the week. Glad you've got over it It was lovely but my moment of the

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week was actually watching the arrivals at the G20 today and

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hearing them being described as the 20 most powerful leaders in the

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world at a time when they looked and seemed to feel absolutely

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powerless. The sight of Barack Obama and the Chinese Prime

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Minister and all these guys actually really, really caring

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about what was happening within the Greek political system and you just

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had a sense of this crisis kind of lurching out of control and no

:05:09.:05:12.

sense of where the control is going to come from. They've essentially

:05:12.:05:16.

wasted their carbon footprint. We'll talk more about that. Because

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regular viewers know that here on This Week, we've been very

:05:19.:05:24.

concerned about the welfare of Tristram and Arabella and all their

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chums hanging out at St Paul's. Oh yar. We are thrilled the

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authorities said they can keep their tents up until the New Year.

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All very cosy there now the old druid of Canterbury reaches them

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every night. We've asked Songs of Praise host Diane Louise Jordan to

:05:49.:05:59.
:05:59.:06:18.

head down to St Paul's and give us Well, it's not been a great week

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for the Church of England. The protesters camped here at St Paul's

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have grabbed the headlines and the agenda. But the question is, have

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they thrown, not just this cathedral, but the entire Anglican

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Church into chaos? As a Christian, I'm deeply

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disappointed that the cathedral initially behaved like a self-

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interested dinosaur whose first reaction was to bolt its doors and

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consult its lawyers. From a PR perspective, it's not

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been great. It would seem that the cathedral's been much more

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concerned about how much it's losing in the gift shop than at the

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very least engaging with the world The ka had to ral could have

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avoided all this criticism heaped on it instead if it flung open its

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doors and connected with the protestors and listened to their

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concerns whrrbgs that be about unfairness, bankers' bonuses or

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city greed. Personally, I have a hunch that Jesus would have been

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found right here in this camp and not behind the locked doors of the

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cathedral. I'm relieved that the church has finally this week become

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involved in the discussion. But I question the wisdom of advising on

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specific policy like the Robin Hood tax, rather than engaging in the

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wider debate on how we love our neighbour.

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The church has an opportunity of a generation. The world financial

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crisis has shown that capitalism has inherit flaws. Without doubt,

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there's a huge gap between the rich and the poor. So, rather than naval

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gazing, the church should come out beyond the church buildings, beyond

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its congregation and concern itself with the issues that affect us all,

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issues like poverty, unemployment, insecurity and fear.

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So, has what's happened over the last couple of weeks dented the

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church's credibility to such a degree that there's no way back?

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From now on, will the church be seen as a greedy old relic from the

:08:32.:08:38.

past? No. I actually believe that this is a beautiful opportunity for

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the church to truly represent everything Jesus championed, to be

:08:42.:08:52.
:08:52.:08:59.

right at the centre of a radical, Diane Louise Jordan joins us at our

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campsite in London. Very posh campsite. Because we are very posh,

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as you can tell. You can actually spend the night here. Still trying

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to work out which is Katie and Peter. We'll get our own back,

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don't worry. If, as you said in your film, you

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really think Jesus would be inside the tent, how did the church manage

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to get it so wrong? I don't know. I think sometimes when you're having

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a building with all the sort of responsibilities and all that sort

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of stuff, I think you can sort of get so involved with how that runs

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that you sort of just miss your footing on what's actually

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happening right under your nose. I don't really think the guys at the

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cathedral had any sort of sinister agenda or anything like that.

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just seemed out of your depth? I just think they literally weren't

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looking where they were supposed to be. My sadness is that they didn't

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sort of, you know, focus on what was really happening sooner.

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issues that have caused this campsite and others in other cities

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around the world to spring up, although the campsite's not been

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there for very long, the issues causing it have been around for a

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while. Exactly. Particularly after the financial crash of 2008. So why

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did it take two weeks for the bant to say anything? -- Archbishop of

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Canterbury? I think a lot of Christians are sitting there

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feeling the same why. You know, this is an area really where the

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church should be leading the way really. This is the mandate to help

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the broken hearted and the disenfranchised and the widow and

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all that sort of stuff. So I think that the guys at the cathedral

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really just didn't respond. refer to Rowan Williams, he did an

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article in the FT yesterday about the Tobin tax, he's been saying

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that for some time. I think the reason why this story's taken off

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in the way that it had is because it's one of those situations where

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a big organisation didn't kind of know what its instincts were.

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That's why it was brilliant, that banner,, what would Jesus do, in

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the film. They didn't know what their instincts were to be to

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project the Majesty of the great building and it's linked with the

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City, which I'm not criticising them for this, but they get a lot

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of money to keep the whole thing going, or were they instincts to go

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out to people who were saying the sort of things... There was another

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institution though found to be out of its depth in the immediate

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aftermath of Princess Diana's death and that was Buckingham Palace and

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the Royal Family. You were involved, Alastair, in trying to get that

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institution on the right track post-the car crash. What would you

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have advised the church if they asked you? To have gone straight

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out and engaged with them and appealed to them to actually help

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them organise the protest in a way that could have kept the church

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open. It was shutting the church I think that sort of... That drew

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everybody's attention. The other concern is that you have compared

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the church to another institution and my frustration, and I wonder if

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that's the same with a lot of other Christians is, why is the church an

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institution, that's not what it's supposed to be. It's because it's

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not an institution that it's found it difficult to handle this. As a

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Christian, your response should be, you should be free enough so that

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your response can be there's an issue, there are people that have a

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need. You can't all have the same response. Within St Paul's itself

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and then the Archbishop of Canterbury, they didn't have the

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same response because they didn't know what their instincts with.

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Let me bring Michael in. He's being uncharacteristically patient.

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of all, I see this a as supreme example of the horrible health and

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safety culture. It's not been wound back. It's a brave person who, when

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advised by a lawyer says there's a health and safety issue, says I'm

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going to take my chances. If you do that and something happens, you are

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in trouble. The other thung is, it's all very well to say the

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church has some sympathy with what the protesters are saying, I can

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understand them too. But what is the connection between having a

:13:28.:13:32.

problem with big bank bonuses or whatever and putting your tents all

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over a public facility? I mean, where is the right of the public to

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enjoy the amenity space? Why is it that any minority, however small,

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can put up its tents anywhere it wishes in Britain and spoil the

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amenity? Diane? I don't know about these guys putting up tents there,

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but I think the underlying thing is, one of the beautiful things about

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this country is that we have the freedom to express our concerns

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about whatever it is. We have the freedom to protest. ALL SPEAK AT

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ONCE You don't need the freedom to put

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up tents. Perhaps. It's a form of protest. I don't particularly want

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to hear the views of organisation or groups that I disagree with like

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the BNP or whatever, but they have the freedom to protest in the way

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Because they have moved to St Paul's, the issue has become about

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the Church. The other issues have gone on to the back-burner.

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thing that I am more interested in - we can go down the road about

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whether they should be camping or not, and there were some

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disgruntled people today who did not want them there - but the point

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I am concerned about, from the Christian point of view, is how do

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we, as Christians, respond to this global discontent. It is not just

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the guys outside St Paul's Cathedral. Around the world there

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is a growing feeling, and people are not necessarily articulating it

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in a coherent way, but they feel disenfranchised. How is the Church

:15:09.:15:14.

going to respond to that? I think that is a good. But I do not think

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the Church is obliged, nor the British public, to indulge this

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invasion of the public space and this ruining of a public amenity.

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You famously said that politicians do not do God. Should priests not

:15:28.:15:33.

do politics? Because of what you have just said, I think it is very

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hard for them to stay out of politics, because you are talking

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about deeply political issues. The that is why I think one of the bad

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consequences of what has happened is that the issues the protesters

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were trying to raise have not had the ventilation through what has

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been going on with the church that they hoped. Whereas in the States

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where they are "occupying Wall Street" the focus has been on the

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bankers. Within this whole debate this week, apart from Bob Diamond

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making an order speech tonight, we have heard nothing from the bankers.

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We have heard about Rowan Williams, the Bishop of London, etc, so some

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of the issues that you are hoping to highlight actually in a strange

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way been allowed to escape. They are issues of principle, and from a

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Christian perspective there are strong Christian issues as well,

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but does that really mean the Church of England should have as

:16:25.:16:29.

its official policy support for a Tobin Tax? Is that really what the

:16:29.:16:35.

Church should be arguing for? said in my piece, I am not sure it

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is the Church's position to start advising on these specific policies.

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I think we are going down a dangerous path if we do that. I do

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not know. They are damned if they do, damned if they don't. People

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say church figures have to give leadership, but when they make a

:16:54.:16:58.

specific proposal, commentary on a proposal, they are criticised for

:16:58.:17:06.

entering politics. It is not their job to produce the policies. They

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can have a view on something that is around. I thought Rowan

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Williams... I do not want to comment on what Rowan Williams said.

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I think perhaps you are right. But the frustration for me years, -- it

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is that there was this argument, not to do specifically with the

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church, but we, as a body of Christians, have not dealt with

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this in the way that is representative, I think, of how

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Jesus leads. I think for us there is a great opportunity where we

:17:43.:17:50.

could actually come out and behave in a way that follows those

:17:50.:17:55.

principles, and we are not doing that. One result of this is more

:17:55.:17:59.

less the canonisation of these protesters. It irritates me to hear

:17:59.:18:03.

the BBC interviewing them, calling them by their first names, because

:18:03.:18:07.

they have somehow been elevated to this sacred status because now the

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church is reaching out to them. is interesting that has happened.

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thank you for being with us. Like a prostrate eurozone lead on the

:18:18.:18:22.

phone to China's Sovereign Wealth Funds - it is happening - we are

:18:22.:18:26.

not too proud to beg. So please don't go anywhere, because

:18:26.:18:33.

otherwise you will miss Nancy Dell'Olio trying to figure out what

:18:33.:18:37.

her motivation is. If that is not enough reason to stay tuned, think

:18:37.:18:41.

of the joy and the pain, especially the pain, that you can have on our

:18:41.:18:47.

Internet site. Or you can follow last on Twitter and poke fun at us

:18:47.:18:53.

on the face book. Economic crises are not a disaster for everyone.

:18:53.:18:56.

Greek bonds are worthless but ancient Greek mythology has never

:18:56.:18:59.

been more popular, certainly with political journalists searching for

:18:59.:19:04.

a metaphor. We have dusted down our copies of the Iliad and paraded are

:19:04.:19:08.

long forgotten knowledge of the Trojan War, in a vain attempt to

:19:08.:19:12.

shed light on the tragedy that is modern-day Greece. Who better to

:19:12.:19:17.

turn to them the woman with the Midas touch, the Independent's Mary

:19:17.:19:27.
:19:27.:19:40.

Ann Sieghart, with a Greek chorus, It is a tragedy of plate throwing,

:19:41.:19:45.

kebab showering proportions. It makes Sophocles and Euripides look

:19:45.:19:49.

like drama queens. The ancient Greeks believed that if you tried

:19:49.:19:53.

to imitate the goods you would be struck down. Angela Merkel and

:19:53.:19:57.

Nicolas Sarkozy, who had been displaying the hubris of here and

:19:57.:20:01.

there Zeus, found themselves tumbling down the slopes of Mount

:20:01.:20:06.

Olympus this week. On Tuesday, Greece dared to challenge the Euro

:20:06.:20:09.

gods when the Prime Minister, George Papandreou, announced he was

:20:09.:20:13.

going to hold a referendum on the bail out plan. He did not even

:20:13.:20:17.

warned his own Finance Minister, let alone Angela Merkel and Sarkozy.

:20:17.:20:22.

Who would have thought it, from the people who invented democracy? The

:20:23.:20:27.

markets tumbled before you could say taramasalata. We invented

:20:27.:20:37.
:20:37.:20:37.

catastrophe,... Now George Papandreou faces resignation, there

:20:37.:20:41.

may be a government of national unity and there is unlikely to be a

:20:41.:20:45.

referendum. Even so, beware of Greeks bearing euros, because there

:20:45.:20:49.

is a fair chance they will turn back into the worthless drachma. As

:20:49.:20:53.

the G20 leaders arrived in France, Angela Merkel and Nicolas Sarkozy

:20:53.:20:59.

summoned George Papandreou for an emergency summit in Cannes. Yes, he

:20:59.:21:05.

can. No, he can't. They had to ask him what he thought he was doing,

:21:05.:21:09.

and to tell him he was not going to get his big fat Greek bail out

:21:09.:21:19.
:21:19.:21:20.

unless he ignored his voters. TRANSLATION: We wish to continue

:21:20.:21:22.

building Europe and the euro without Greek friends. We have done

:21:22.:21:25.

everything we could to achieve that but there are certain number of

:21:25.:21:29.

rules that are the bedrock of the solidarity pact and it is up to the

:21:29.:21:32.

Greeks now to decide whether they wish to continue on this road

:21:32.:21:38.

together with us, or not. Meanwhile, we in Britain are either left

:21:38.:21:42.

waiting uselessly while the drama unfolds, or thrilled that we are

:21:42.:21:46.

outside the eurozone. Depending on whether you are Nick Clegg or David

:21:46.:21:51.

Cameron. George Osborne can lecture all he likes, but he does sound

:21:51.:21:55.

like one of those men jabbering to himself on the bus. No one in the

:21:55.:21:59.

eurozone is listening. It is up to the Greek people and the Greek

:21:59.:22:02.

political system to decide how they make their decisions but it is

:22:02.:22:05.

important for the eurozone to implement the package they agreed

:22:05.:22:09.

last week. That is what I said was crucial at the time and it is what

:22:09.:22:12.

they said was crucial at the time. We need to get on with it sooner

:22:12.:22:17.

rather than later. The eurozone crisis is handy for the Tories

:22:17.:22:20.

because they can blame our lack of growth on the Greeks who have been

:22:20.:22:27.

living beyond their means. What's a Grecian urn? More than his

:22:27.:22:34.

government can afford to pay him! There is a global storm in the

:22:34.:22:37.

economy today and it is in our interest to help others come from

:22:37.:22:40.

that global storm but we also have to keep the British economy safe.

:22:40.:22:44.

We will not do that if we add to our deficit and debt and put

:22:44.:22:49.

interest rates at risk. First he blamed the Labour Government, then

:22:49.:22:52.

Europe, yesterday he was blaming his Cabinet colleagues for the lack

:22:52.:22:56.

of growth in our economy. The truth about this Prime Minister is that

:22:56.:23:02.

when things go wrong, it is never anything to do with him. Funny, we

:23:02.:23:07.

remember Gordon Brown doing the same when his financial crisis hit.

:23:07.:23:11.

The Shadow Chancellor, Ed Balls, his Labour's Cassandre. He thinks

:23:11.:23:17.

he has perfected his own flat lining gesture. For David Cameron,

:23:17.:23:21.

who cannot bear Ed Balls, he had another go at him yesterday.

:23:21.:23:25.

can go on making questionable salutes, but it is time to take a

:23:25.:23:31.

Primark. In Greece, the cartoonists are mocking Angela Merkel as a not

:23:31.:23:36.

see. Lot of the inventors of the euro had in mind. But in Greece,

:23:36.:23:39.

public servants can still retire in their fifties whereas in Britain

:23:39.:23:46.

they will have to work until they are 65. Will I still work hard when

:23:46.:23:54.

I am 64? The unions are going to go on strike but they will not get

:23:54.:23:56.

sympathy from those in the private sector who have always retired

:23:56.:24:03.

later and usually on less money. is not fair! In the City,

:24:03.:24:06.

protesters have been saying the same thing but after three

:24:06.:24:09.

resignations from St Paul's, the cathedral has repented over

:24:10.:24:14.

evicting them. Meanwhile, the Oracle of Swansea, a high priest of

:24:14.:24:18.

in decision finally came out to say that maybe capitalism was not such

:24:18.:24:23.

a great thing after all. But he certainly took his time. Judging

:24:23.:24:27.

the right time to say something is always difficult and I may or may

:24:27.:24:31.

not have got it right but this is what I would like to say now.

:24:31.:24:37.

a bit hit-and-miss, Archbishop. Take a tip from Zeus, a good bolt

:24:38.:24:41.

of thunder and a whole lot of rain is the best way to get yourself

:24:41.:24:51.
:24:51.:24:53.

heard. Thunderbolt and lightning, very, very frightening.

:24:53.:24:58.

Joining our own little Greek chorus in the studio, Louise Cooper of

:24:58.:25:06.

PGCE. Welcome to This Week. Michael, chaos and confusion in Athens has

:25:06.:25:11.

had a huge ripple effect at the G20 in Cannes. Whatever happens in

:25:11.:25:14.

Greece, chaos and confusion will remain for the foreseeable future.

:25:15.:25:18.

Yes, but we're getting somewhere, getting to the point of considering

:25:18.:25:23.

which country will leave the euro. I regard that as a step forward

:25:23.:25:27.

because this will not be fixed by one trillion euros. It will not be

:25:27.:25:31.

fixed by fiscal union. There were not the political union. The

:25:31.:25:35.

Germans were not agree to transfer indefinite amounts of money for all

:25:35.:25:40.

time. The only way it can be solved is by fewer countries in the euro.

:25:40.:25:44.

At last we are taking tentative steps towards that. So it does not

:25:44.:25:50.

stop with Greece? I imagine it would not stop with Greece. We all

:25:50.:25:54.

know that quite a large number of countries in the euro are not

:25:54.:25:57.

really capable of being in the euro. But the idea that countries should

:25:57.:26:01.

leave the euro has been regarded as unthinkable. Luckily it is now

:26:01.:26:05.

being thought about. I think British Government policy is in a

:26:05.:26:08.

very funny place, because British Government policy is that the euro

:26:09.:26:12.

should succeed. It cannot succeed because it has the wrong members.

:26:12.:26:16.

British policy is that there should be fiscal union. The last thing in

:26:17.:26:21.

the British national interest is a fiscal union dominated by Germany.

:26:21.:26:26.

At the moment we are speaking out of the back of our heads. Louise,

:26:26.:26:31.

how would the markets react and what do the markets think about

:26:31.:26:34.

Greece leaving the eurozone? In a sense they are unhappy with the way

:26:34.:26:39.

things are at the moment, but the possibility of contagion if Greece

:26:39.:26:44.

leaves fairly terrifies them. Angela Merkel and Sarkozy should

:26:44.:26:48.

have done his deal with the Greece problem 18 months ago, thrown a lot

:26:48.:26:52.

of money at it, if they want to keep the euro, and contained it.

:26:52.:26:56.

That clearly has not happened. Even now they are trying to do it on the

:26:56.:26:59.

cheap. The bail out package last week, it is not a package because

:27:00.:27:04.

we have not got detail, and it is done consistently on the cheap. Not

:27:04.:27:10.

enough money is put on the table. What we have is contagion. We have

:27:10.:27:14.

Italian government finding it difficult to fund their large

:27:14.:27:19.

deficit. We have Italian bond yields at 6.3%, four of a creeping

:27:19.:27:24.

up, despite the fact that the ECB is buying an awful lot of Italian

:27:24.:27:30.

debt. This is the big fear. It is not Greece, but a Missy default of

:27:30.:27:34.

Greece could do the lot of damage to the European economy and the

:27:34.:27:39.

European banking industry. -- messy. The scary thing is contagion to

:27:39.:27:46.

other places. I suspect if you were talking to George Papandreou, you

:27:46.:27:50.

would be telling him the game is up. The only thing to say about that is

:27:50.:27:55.

that he is a survivor. He probably has had it, to be frank. Conversely,

:27:55.:27:59.

the gambit he made on the referendum, and Angela Merkel and

:27:59.:28:03.

Sarkozy forcing him, basically telling him that if they didn't get

:28:03.:28:06.

it through, they were out of the euro, that has put the point that

:28:06.:28:10.

Michael has made on the table. Until then, they would not say it

:28:10.:28:14.

in those terms, but it is now out there. I think that could become a

:28:14.:28:18.

problem. It may be that they will not have the referendum, they get a

:28:18.:28:21.

government of national unity and get the bail out package through

:28:21.:28:24.

but I suspect it will not be enough and we will be back here again. I

:28:25.:28:29.

was at some of the summits when the whole euro thing came into being.

:28:29.:28:33.

Michael is right, it has been a political project all the way

:28:33.:28:37.

through. There are countries in the euro, and the Germans know this, he

:28:37.:28:40.

should never have been in the euro. They probably thought at the time,

:28:40.:28:45.

some of them, this will end where we are now. Whether that means one

:28:46.:28:49.

country will go out and then you have contagion and you go to a

:28:49.:28:53.

smaller eurozone, do not know, but if that happens, it is not as

:28:53.:29:00.

straightforward and painless as Can we park this idea of a

:29:00.:29:04.

Government of national unity in Greece? I know that's the way

:29:04.:29:08.

they're going to do it, that's the plan overnight, Mr Papandreou will

:29:08.:29:11.

probably step down and they'll try to get another Government in. There

:29:11.:29:14.

was talk about bringing back a former governor of the Bank of

:29:14.:29:18.

Greece. Greek politics are more polarised than American politics

:29:18.:29:23.

today. But he does seem to have moved the opposition on to his

:29:23.:29:28.

territory. Not later tonight? it's changed. That's the problem.

:29:28.:29:35.

Harold Wilson said a week was a long time, a an hour is in Greek

:29:35.:29:38.

politics. The Greek economy is going to implode sooner or later

:29:38.:29:41.

because there's no possibility that the Greek economy can recover under

:29:42.:29:46.

the package that's been served up to it. The Greeks know that. That's

:29:46.:29:49.

why you mentioned a referendum, that's why they're talking about

:29:49.:29:54.

having a general election because they know they cannot do this, they

:29:54.:29:57.

cannot possibly come round. Everyone pretends this has been

:29:57.:30:00.

arrange ford the good of the Greeks, but it's to try and save the euro

:30:01.:30:04.

and it won't succeed in saving Greece or the euro. Can the Greeks

:30:04.:30:07.

have a real default, not the organised voluntary hair cut

:30:07.:30:12.

they're supposed to be forced to be having? Can they have a proper

:30:12.:30:18.

default? The New York Times had figures this week, it said it would

:30:18.:30:21.

run a budget surplus next year because all the money's going on

:30:21.:30:27.

interest, so could they do a real default and stay in the euro? Or

:30:27.:30:31.

does a real default automatically mean you have got to leave? I think

:30:31.:30:36.

it means you have to leave. You know, the problem with Greece is

:30:36.:30:39.

all the solutions they're currently putting on the stable don't deal

:30:39.:30:43.

with the underlying problem which is that they have too much debt.

:30:43.:30:47.

They need to sell stuff, they need to sell something, whatever it is

:30:47.:30:51.

that they can on with selling, they should do it and make reforms to

:30:51.:30:55.

the economy. But that's not what is happening, the privatisation

:30:55.:30:59.

programme is not happening and the reforms are not happening. All the

:30:59.:31:02.

extra stuff Kerr concentrating on doesn't deal with the structural

:31:02.:31:06.

problems with the Greek economy which is imploding. The Greek

:31:06.:31:11.

economy's contracted 11% in two years. 15% in three years. Apart

:31:11.:31:15.

from selling islands, they could sell exports and tourism if they

:31:15.:31:19.

weren't stuck inside the euro. on holiday there.

:31:19.:31:26.

Will Greece stay in or not? Alastair? If I was putting my life

:31:26.:31:33.

on it, I would say they won't. are not asking for your life?

:31:33.:31:38.

had to put a euro on it, I would put it on Greece not being in the

:31:38.:31:44.

euro. OK. Absolutely. My money's in the same place. I'm with the boys.

:31:44.:31:52.

Three that go?! You mentioned earlier that you've done a number

:31:52.:31:56.

of G20s. What must the Obamas and the Chinese President and the

:31:56.:32:03.

Indian Prime Minister, what must they think? There was no point in

:32:03.:32:07.

being in Cannes today? There is a point. I agree with Michael. You

:32:07.:32:12.

sense that things are moving. The point of them being there is to

:32:12.:32:15.

apply, and there will be a lot of pressure being applied and Obama is

:32:15.:32:20.

doing a bit publicly, but the other message coming out of Cannes is the

:32:20.:32:23.

shifting of power from west to east. That is the other big thing

:32:23.:32:28.

happening in the economy. You don't need a G20 summit to know that.

:32:28.:32:33.

what these guys are meant to do at the big events is to shape a future.

:32:33.:32:38.

That may be that out of a crisis b sometimes you can do that. The

:32:38.:32:41.

other amazing thing is that at the last euro crisis summit where this

:32:42.:32:47.

bail out deal was agreed, nobody thought, it seems to many, to

:32:47.:32:50.

grille down on Papandreou as to how he was going to do this so that

:32:50.:32:54.

when he announced the referendum, that's what sparked the present

:32:54.:32:59.

crisis, nobody had a clue it was coming. That is because despite all

:32:59.:33:05.

the talk of European unity, there's the most fantastic different of

:33:05.:33:09.

political cultures among Europe and no apparent empathy or sympathy for

:33:09.:33:13.

the conditions that exist in different countries. For example,

:33:13.:33:18.

one culture is the German culture that you mustn't interfere with the

:33:18.:33:24.

ECB or have a currency that is deboar ched and you mustn't have

:33:24.:33:30.

bail outs. When they served up this package to Greece, they obviously

:33:30.:33:36.

didn't give a fig as to how it would be done. No. Such a desire to

:33:36.:33:39.

get something that sort of says we've solved this problem, move on

:33:39.:33:45.

to the next thing that I think too often they turned a blind eye to

:33:45.:33:50.

the detail. The top man of the ECB years ago was a political fix,

:33:50.:33:53.

Chirac was saying he couldn't do it for eight years and the next guy

:33:53.:34:00.

had to be French. This was meant to be an independent institution.

:34:00.:34:04.

Brussels summit didn't come up with anything, it came up with 106

:34:04.:34:08.

billion for capitalisation of banks, at some stage finding money from

:34:08.:34:11.

somewhere, clearly not enough money, it needs to be double, triple gosh

:34:12.:34:19.

knows what. It came up with a lever aaged ESF, how would that be done,

:34:19.:34:24.

does it need to be financial engineering and we had the hair cut

:34:24.:34:33.

that lots of banks don't want to participate in. It was a deal that

:34:33.:34:37.

was rubbish. Sorry, it was rubbish. What shall we be looking out for in

:34:37.:34:43.

the weeks ahead? Let's assume this thing continues to rumble on and is

:34:43.:34:48.

not solved this side of Christmas? I think a lot of it is not solvable,

:34:48.:34:52.

to be honest. I'm quite surprised how patient financial markets are

:34:52.:34:55.

willing to be. We've talked many times about credit markets, the

:34:55.:34:59.

fact that the banking industry can probably survive to tend of the

:34:59.:35:03.

year, but then come next year it has to start funding itself,

:35:03.:35:10.

massive funding. Banks are hugely leveraged. We've seen the boss on

:35:11.:35:15.

the BNP today saying I will be deleveraging my balance sheet and

:35:15.:35:19.

taking assets off. Which means they won't have a base to lend? Joy they

:35:19.:35:23.

won't be lending and the fear of a credit crunch come the beginning of

:35:23.:35:26.

2012 will have devastating effects on the ordinary people and the

:35:26.:35:28.

economic forecasts which are already coming down, is what we

:35:28.:35:32.

need to worry about, the credit crunch that will happen in 2012 if

:35:33.:35:36.

European politicians don't get organised. I hear the sound of

:35:36.:35:40.

razor blades being pulled out in the drawing rooms of Britain.

:35:40.:35:44.

Louise Cooper, thank you very much. We perked up this week with some

:35:44.:35:50.

good news for the economy - not the 0.5% growth figuresry put some led

:35:50.:35:55.

in Boy George's pencil - talk about poverty of low expectations. No, no,

:35:55.:36:02.

the news of the average 49% pay increases for the UK's business. It

:36:03.:36:06.

means they must obviously, in a marked economy, there must have

:36:06.:36:12.

been a 49% increase in share prices and in turnover employment profits.

:36:12.:36:16.

Obviously. That's what follows isn't it? Who knew the economy was

:36:16.:36:21.

doing so nicely hey fellas. One business person was asked if he'd

:36:21.:36:26.

do his job for half of his multi- million pay packet. His answer left

:36:26.:36:31.

us none the wiser which gave us every reason to put motivation in

:36:31.:36:41.
:36:41.:36:51.

What could possibly motivate an Italian property lawyer with an

:36:51.:36:55.

undoubted love to have limelight to enter a ballroom dancing

:36:55.:37:00.

competition on live national TV? What will you miss most about

:37:00.:37:07.

Strictly? Let me think about it. I will miss many moments, of course.

:37:07.:37:12.

Or make three Pakistani cricketers throw away their talent and their

:37:12.:37:16.

reputations. And their freedom. After being found guilty of match

:37:16.:37:20.

fixing and bribe taking. The wages of top business leaders

:37:20.:37:24.

appearing to defy gravity in the face of our economic woes, is there

:37:24.:37:28.

only money that motivates the masters of the universe?

:37:28.:37:33.

Perhaps we could all take a moment to remember the life and work of a

:37:33.:37:38.

TV legend whose marathon charity work puts us all to shame. A couple

:37:38.:37:42.

of weeks to spend doing nothing so I thought I would spend 'em running

:37:42.:37:46.

and getting some fresh air between Land's End and London. For ever

:37:46.:37:51.

asked the question, now then, now then, now then, what would Sir

:37:51.:37:59.

Jimmy do? We are joined by Strictly Nancy. Good Evening.

:37:59.:38:04.

Good Evening to you. Tell us, what motivated you to do Strictly? Was

:38:04.:38:10.

it the dancing, the entertainment or the money? Money?! Will we see

:38:10.:38:15.

money?! Oh, I think you received quite a lot of money? Well... No,

:38:15.:38:22.

well I think the thing is definitely. Well one thing

:38:22.:38:25.

definitely, my number one motivation is what I wanted

:38:25.:38:31.

probably the viewers to see that I can be quite funny, I have a good

:38:31.:38:34.

sense of humour and I can laugh about myself. I think that I

:38:34.:38:40.

deliver this. Maybe in ways you never thought. Absolutely. My

:38:40.:38:44.

friends, people that know me, they know that I'm quite funny. Do you

:38:44.:38:49.

know, Alastair? Yes, I know that, I know you're funny. Do you know

:38:49.:38:54.

that? I do know that. What motivates you

:38:54.:39:00.

more generally and gets you out of bed in the morning? To make a

:39:00.:39:04.

difference. That sounds like a politician? Well, I mean, my

:39:04.:39:10.

background comes from that and it goes quite well why we are here on

:39:10.:39:12.

this programme. To make a difference. This is the reason why,

:39:12.:39:20.

in one way, I don't know why, I became a so-called celebrity in

:39:20.:39:26.

this country or famous, that was not my choice, I came here now ten

:39:26.:39:35.

years ago. I came brought up in a football world. I've been the first

:39:35.:39:39.

one declared to be the First Lady of English football. I don't know

:39:39.:39:43.

what that means, I don't know if you had one before that. I tried to

:39:43.:39:47.

make sense for why to be the papers never stop talking about me,

:39:47.:39:53.

everything I to create a news. what motivates you? Motivated me.

:39:53.:39:59.

And has it changed? Of course it changed. Always. You haven't always

:39:59.:40:03.

been around saying, I'm here to make a difference? Well, make a

:40:03.:40:08.

difference and at the same time... Well, OK, is this the beginning,

:40:08.:40:13.

since I remember in my early days at university, probably flirting

:40:13.:40:18.

make a difference. Flirting? Flirting make a difference.

:40:18.:40:24.

flirt, big flirt. How do you know about it? I'm not doing too well.

:40:24.:40:27.

What motivates you two bruisers? come here at this time of night. It

:40:27.:40:33.

was the fact that I knew Nancy was going to be on. Right answer.

:40:33.:40:38.

motivates you? To be stimulated, to be busy. To be challenged. Making a

:40:38.:40:44.

difference is a fair enough motivation. I think being... I've

:40:44.:40:48.

got an absolute terror of boredom, so I have to keep myself engaged.

:40:48.:40:54.

So you have to be the perpetual motion machine? A little bit.

:40:54.:41:00.

Having lots of different things around me to stimulate me. What

:41:00.:41:05.

motivated you to go into politics and if you say to make a difference,

:41:05.:41:10.

I might strangle you on live television? I think it was the most

:41:10.:41:15.

fascinating thing I could do. I was right. Power? It's so dif fuse in

:41:15.:41:19.

politics, you spend all your time arguing with people, I never felt

:41:19.:41:24.

like power, but I did feel that we were painting on a hugely broad

:41:24.:41:29.

canvas. That I found really stimulating. You and power, it's an

:41:29.:41:33.

attractive thing to have? I was very close to power.

:41:34.:41:39.

influenced? Yes, but funnily enough I don't miss that. I'm still very

:41:39.:41:44.

interested in it. I said earlier the guys being described as the

:41:44.:41:48.

most 20 powerful people in the world and they are not, nor do I

:41:48.:41:52.

agree with it. You are never quite as powerful as you feel or as you

:41:52.:41:55.

are being described as in the media. Do you think that money's become

:41:55.:42:00.

the all conquering motivation now? Particularly for young people?

:42:00.:42:06.

Unnorth Natalie, yes, especially in a society we live in today --

:42:06.:42:11.

unfortunately, yes. We see young people trying to find the short cut

:42:11.:42:18.

to become quite easily famous and rich. That is quite scary. People

:42:18.:42:24.

want to be you, they want to be a celebrity? Well, they want to be me,

:42:24.:42:28.

they'll be good trying to be me, but I have to know what this

:42:28.:42:33.

comfort means to people. It's good to be you? It's not easy to be me.

:42:33.:42:40.

It's easy, Alastair? I don't know. I'm glad you brought him in. If

:42:40.:42:44.

only because you embarrassed him. Let's be honest, Nancy, you've

:42:44.:42:51.

always liked being notorious and in the papers. Yes, but I never like

:42:51.:42:55.

it. Remember when Nancy strode up Downing Street in a red trouser

:42:55.:43:02.

suit? We can remember that. Alastair that, was... Sorry, we've

:43:02.:43:06.

run out of time. That image of the red trouser suit. That's your lot

:43:06.:43:13.

for tonight, folks! But not for us. You can carry on talking, because

:43:13.:43:15.

Annabel's pipped the Ministry of Sound to the best club in London

:43:15.:43:20.

gong at the Michael Winner Dinner Awards this week and we all wanted

:43:20.:43:27.

to win one of those. With Strictly Nancy gagging for a rumba with

:43:27.:43:31.

Alastair b and Michael promising to show us his Robbie Savage hip

:43:31.:43:35.

thrust - yes, I want to see that too - we are all on a collision

:43:35.:43:37.

course with the dance floor. We leave you with a sign of things to

:43:38.:43:41.

come. With Europe a busted flush the sight of President Sarkozy left

:43:41.:43:45.

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