The Economy

I am sure that the right hon. Lady has read the report from Lord Turner, the first chapter of which states that one of the reasons why Britain is particularly exposed to the international storms is that we had very large macro-imbalances. Our banks were highly leveraged, our households had borrowed more than households in the United States and our housing boom was larger than that of the United States. Surely she will accept that national policies put countries in different positions in terms of their ability to weather the storm.