Banks operate like a man who either wears his trousers round his chest, stifling breathing, as now, or round his ankles, exposing his assets. We want their trousers tied round their middle: steady lending growth; particularly to productive British business, especially small scale enterprise.

The economy has become seriously unbalanced. Its growth has not been driven by investment or by overcoming Britain's long-standing weaknesses in investment and productivity, particularly skills. Instead, there has been a binge of debt-financed consumer spending.

According to the papers, I'm miserable, alienated, and on the brink of resignation. But that's simply not where I am.

In my job I meet many outstanding, world class, British based companies. But we need more companies and more jobs in the companies we have.

We need a new British business bank with a clean balance sheet and an ability to expand lending rapidly to the manufacturers, exporters and high-growth companies that power our economy. Today I can announce we will have one.

So I went into government with a clear mind about what the problems were, and what needed to be done.

These 'masters of the universe' must be tamed in the interests of the ordinary families whose jobs and livelihoods are being put at risk. The Tories won't say anything about the current crisis as they are completely in the pockets of the hedge funds.