In an interview with The Guardian, the former Prime Minister said that currently the Government was having to grapple with forces beyond its control.

"If you are going to fill up your car and it is costing double the money that it did last year, you are not happy," he said.

"It is totally understandable, and it happens to be true, unfortunately, that it is not the fault of the government that oil prices have gone up."

However, he said that he had learned from his time in No 10 the importance of trusting the judgment of the people.

"The point is in the end they make a judgment as to whether you are trying to do the right thing for the country or not, and that judgment is a lot more thought through and a lot more reasoned than the people often give them credit for," he said.

"That is why at the end I came to the conclusion you might as well do what you think is right because there is no other way of doing it. That is why what happens in mid-terms does not always impact on what happens eventually...there is an instinctive reaction to what is happening and then there is a profound decision."

Mr Blair said that he would be presenting a paper to the forthcoming G8 summit in Japan proposing a new global institution to oversee international efforts to adjust to a low-carbon economy.

"The task is every bit as complex as trying to setting up an international monetary system after the Second World War," he said.

Mr Blair also revealed that what he missed least from his years in office was "that ghastly moment at three minutes to 12 when they come and get you for Prime Minister's Questions. There is never a feeling of fear quite like that."