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.

From a good lie in the middle of a fairway bunker, I'll make the same swing as I do from an average fairway lie. I'll dig my feet in slightly and keep my lower body stable so I won't slip, but I don't change my club selection or setup. It's only when the ball is sitting down in the sand that I'll make some modifications.

Long-term unemployment is particularly costly to those directly affected, of course. But in addition, because of its negative effects on workers' skills and attachment to the labor force, long-term unemployment may ultimately reduce the productive capacity of our economy.