Britain is not part of the single currency. That is a decision we have taken, a voluntary decision of this country, but as a result are part of a European Union 19 of whose members are rapidly integrating, creating political, fiscal, monetary, economic union to make their currency work. And that is increasingly rubbing up against the operation.

Put on top of that the fact that the whole world is looking at Britain and saying how is this country going to pay its way in the future. They are looking at other countries like Greece who can't pay their way in the future and you see savage spending cuts, big cuts in pay.

Printing money is the last resort of desperate governments when all other policies have failed.

I believe in public services.

The positive news is that the British economy is continuing to grow and is creating jobs. And it is positive news too that at a time of real international instability we are a safe haven in the storm.

I understand the damage the expenses crisis has done to Parliament, and the paramount importance of restoring trust in our politics.

There is a big problem. The problem is the country borrowed too much. We went on a borrowing binge, there was a housing boom. You want to help people de-leverage and deal with those debts over time.