When my job was attempting to predict future economic developments for the Shell oil company, I was frequently reminded of an Arabic saying: 'Those who claim to foresee the future are lying, even if by chance they are later proved right.'

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 a bit of a lefty on some issues.

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.

Where there is flagrant abuse of corporate entities we must and will seek to tackle it.

The government increasingly resembles somebody who is trying to give the kiss of life to a corpse.

When I was a child we were sufficiently well off for me to be a picky eater and I still cannot eat vegetables cooked in the traditional British manner.