Ian Dunt

In a nation also, you can borrow at very low interest rates at certain times and use that to build infrastructure that will allow you to encourage growth later on.

Let's say to create train systems that run much, much faster, that allow for much greater connectivity between towns.

And one of the problems that Britain has is that outside of London,

the transport infrastructure between towns, let alone the big cities as well, you know, it's very, very poor indeed.

And that makes it much harder for people to get jobs where they should be.

It makes it much harder for us to put talent where it's meant to be.

And that hurts you economically.

Now, we could have at that point borrowed on basically 0% interest rates.

The market was basically at the door of government, smashing on the door saying, I'm begging you to borrow money from us right now.

It was free to hire money at that time.

And yet the whole political debate...

just went towards austerity.

Now, that forced Labour's hands in the last two years of power to adopt ever more sort of right-wing positions.

The whole of the press was behind austerity.

The Conservative Party was behind austerity.

And then when the Conservatives got to power, it led to them, at the worst possible moment in the wake of the crisis, just slashing budgets.

And the worst thing was, because they protected certain budgets...

Like the NHS, you can't do anything on health because people will lose their minds.

It means that you cut really deep in other areas.

For instance, as I mentioned before, the Ministry of Justice.