The degree of leverage now being reversed is on a staggering scale, and the underlying global imbalances – notably between the savers and the spenders – will require long and painful adjustment.

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.

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

Small- and medium-sized businesses need access to a diverse range of finance options, including non-bank lending. These new forms of finance are still small in scale today but they should, over time, bring additional choice and greater competition to the lending market.

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.

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.

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.