John Redwood

Living standards in both the public and private sector have to be brought down. The private sector has to sell more abroad and consume less at home. The government sector has to get closer to just spending what it can collect in taxes.

The Irish move to a very low corporation tax has generated very significant revenue growth, considerably in excess of Britain's, where a slower economy has been combined with a number of stealth taxes.

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.