There is another word for that - masochism. It isn't illegal. I am told some people pay good money to indulge in it. But unlike masochists, the Brexit ideologues usually envisage someone else bearing the pain. And that pain will mainly be felt by young people who overwhelmingly voted to Remain.

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The destruction of the British building society movement – or much of it – in the two decades after the late 1980s … was one of the great acts of economic vandalism in modern times. And the commercial banks largely abandoned locally based relationship banking in the decade before the recent financial crisis. There is now no institutional structure in place to offer countercyclical lending, particularly small and medium sized businesses, in place of the banks.

[Regarding an EU referendum], it's a distraction. It's a serious distraction. We are recovering from the worst economic crisis for the best part of a century. The last thing we need now is massive levels of uncertainty in the business community.

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I love slightly dangerous things. High energy, edgy things. I learned to ski when I was 63, which is a bit hazardous. But I go off once a year to the place where the Russian mafia assemble in the Alps, and go out on the slopes. I've got into red runs. One of my unfulfilled life ambitions is to do serious black runs. So, you know, a bit of danger, a bit of speed.

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The big, looming, monetary issue is "quantitative easing": that is, printing money. What happens is that the government borrows from the Bank of England, not from the markets. It expands the money supply to keep the economy going and also to counter deflation without simultaneously increasing government debt. The attractions are obvious, as are the dangers. The Robert Mugabe school of economics provides a salutary warning about uncontrolled monetary expansion in generating hyper-inflation. The road to Harare is not as long as we might hope. Monetary easing may prove to be necessary but will have to be managed with great skill and care: Too little easing and the crisis drags on – as in Japan. If there is too much, the authorities face the messy task of mopping-up liquidity by issuing bonds which add to the burden of borrowing or else we lurch back from deflation to inflation. So interest rates may soon become yesterday's story.