Jerry Yang

Well, there's no question that the law passed in 1996 was flawed. It deregulated the wholesale market, meaning the price that the utilities had to pay energy companies for power, but not the retail market.

When ministers in this government talk about investing in education and skills, about making the planning system work; about employment law reform and delivering transport and power generation and broadband communication infrastructure, we are talking about raising Britain's productivity.

Leverage is great when it works, and when it doesn't work, it creates a lot of issues. So I think if you limit the amount of leverage that people can borrow, or that banks can borrow, I think you'll find that you'll have a lot less issues going forward.