Banks Operate Like A Man Who Either

The Degree Of Leverage Now Being Reversed Is On A Staggering Scale, And The Underlying Global Imbalances – Notably Between The Savers And The Spenders – Will Require Long And Painful Adjustment.

Well, As I Said, You Know The Issue Of Greek Debt, They've Grasped The Principle Of Debt Reduction. I Think Most People Would Argue That Probably More Needs To Be Done On That Front, And They've Just Begun To Take The First Steps To Accepting That There's Going To Have To Be Much Closer Economic Integration In Europe.

We Have Sectors Of The Economy, Aerospace Is A Good Example, Where Britain's Probably The Second Country In The World, The Automobile Sector, Where We've Done Extraordinarily Well, An Enormous Amount Of Investment Over The Last Couple Of Years, Life Sciences Is Another.

I Know It Sounds Trite But I Wanted To Make A Difference. Political Debates With My Father Had Been Fraught Because He Was Uncompromising And Explosive But If He Taught Me One Thing It Was To Air My Views.

Many Of Our Problems Are Home-grown. Gordon Brown Regularly Advised The Rest Of The World To Follow His British Model Of Growth. But The Model Was Flawed. It Led To The Highest Level Of Household Debt In Relation To Income In The World.