I don't feel comfortable with luxury, and I try to stay fairly normal.

The real problem at the moment is that the banks - because of their existing culture, which is frankly anti-business, obsession with short-term trading profits, not focusing on the long term - are throttling the recovery of British industry.

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.

Much of the shadow banking sector, a major contributor to the economic crisis, was also only possible because of taxhaven secrecy.

Fundamental renegotiation is very, very unlikely to produce any significant change

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

Investment banking has, in recent years, resembled a casino, and the massive scale of gambling losses has dragged down traditional activities as banks try to rebuild their balance sheets.