Complacency must be avoided due to a risk of a secondary financial crisis, but the authorities (HMT, FSA and BoE) deserve real credit for their brave, determined and necessary interventions to rescue and stabilise the banking system. However, future generations reading the history of the great banking crisis may conclude ruefully that financial markets continued to behave in the same way they did pre-crisis despite having been bailed out by £billions of current and future taxpayers funds, leaving society with a massive debt legacy.

While we should have a more sound financial system, what would the panel do to ensure we have a more inclusive, well governed and accountable, efficient financial system that produces socially useful products and services that meet the needs of society not the commercial interests of a small number of financial institutions?