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

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

I know it sounds trite but I wanted to make a difference. Political debates with my father had been fraught because he was uncompromising and explosive but if he taught me one thing it was to air my views.

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.

I have managed to infuriate the bank bosses; acquire a fatwa from the revolutionary guards of the trades union movement; frighten the 'Daily Telegraph' with a progressive graduate payment; and upset very rich people who are trying to dodge British taxes. I must be doing something right.

Britain is no longer one of the world's price setters. It is painful. It is a challenge to us in government to explain all that, and it is a pity that the political class is not preparing the public for it to understand how massive the problem is.

Billions of taxpayers' money has been wasted in bad deals. The London Underground modernisation, personally negotiated by one of Gordon Brown's team, was a disaster, as the National Audit Office has confirmed.