Inflation is not always the main problem, or indeed a problem at all. Sometimes, though rarely, deflation is a more serious threat, and we need to shelve many of the orthodoxies we have held so dear.

The BBC provides the commentary on our lives, the soundtrack of the nation. It is one of the most powerful unifying forces in the United Kingdom today.

It was an interesting question as to whether the BBC had a future in the digital world, and what form of market failure could justify the licence fee system.

Without the BBC, the proliferation of television and radio channels by the private sector would simply result in more and more channels, with tiny audiences, all seeking to do the same thing. The future would be one of fragmentation - fragmentation without either plurality or diversity.

As long as the appointment process is transparent and there is a broad mix of political views among the governors of the BBC, I think the public can feel confident that impartiality and independence are just as important to me as they have been to previous incumbents.

Inflation is not always the main problem, or indeed a problem at all. Sometimes, though rarely, deflation is a more serious threat, and we need to shelve many of the orthodoxies we have held so dear.

The BBC should not have a cheerleader. It should have somebody who runs the organisation in the interests of the public and that should be a chairman.