The key thing that went wrong was that a culture was allowed to develop where the relationship between what people did and what they got went way out of alignment, especially at the top end.

Our goal is to make finance the servant, not the master, of the real economy.

We can't be in the business of carting fresh air around the country.

On top of that, we have a healthy and stable economy and an end to the boom and bust that characterised the Tory years.

We were at the stage where in a very short period of time, one of the world's biggest banks would have to shut the door and switch off the electricity.

The economic times we are facing... are arguably the worst they've been in 60 years. And I think it's going to be more profound and long-lasting than people thought.

The question is not whether Scotland can survive as a separate state. Of course it could.