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.

I am going to confront the old-fashioned negative thinking which says that all government needs to do to generate growth is cut worker and environmental protections, cut taxes on the rich and stroke 'fat cats' until they purr with pleasure. I'm completely repudiating the idea that government has to get out of the way.

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

My college, Fitzwilliam, was pretty good but unfashionable and I lived in digs so I was not part of the cloistered 'old college' environment, which frankly was a bit intimidating. But I worked hard and settled in by exploring politics and girls.

Our workforce is very co-operative, very flexible, easy to work with and one of the big selling points. The idea that Britain is still back in the labour market of the '70s is utterly bizarre.

I made friends with a boy who was a communist when I was 13 and that broadened my political views, but it also brought me into conflict with my father who was very Right-wing.

On banks, I make no apology for attacking spivs and gamblers who did more harm to the British economy than Bob Crow could achieve in his wildest Trotskyite fantasies, while paying themselves outrageous bonuses underwritten by the taxpayer. There is much public anger about banks and it is well deserved.