Over a period of 500 years the City has supported deregulation at every turn. The consequences of this are massive. You had fraudulent products – the… - Maurice Glasman, Baron Glasman

The institutional settlement of post-war West Germany has endured because it generated value. They retained pre-modern artisan organisations and turned them into the foundation of their contemporary economic success. They entangled and constrained capital in a myriad form of national, sectoral and localised arrangements and they emerge from the crash, virtually alone, with a productive economy and a functioning democracy, with greater equality than us and more meaningful work.

What did I think about Brown? I’ve said before, I don’t like his kind of politics. I didn’t really meet him properly but I identify him with state, state-ism, with simultaneously high morals and low cynicism. I never identified with that kind of politics. The last gasps of this idea that through the state you can transform society but how that then automatically leads to a dependence on finance to fund it. I don’t think Gordon Brown redistributed power to people.

I would suggest that we use 5% of the bailout money to endow the Banks of England, which would be established in the counties and cities of England and would be constrained to lend within the county or city. The principal of the endowment would be in trust to the people of that county or city, in perpetuity so that it could not be liquidated by its members, and the balance of power in its corporate governance will be held by a third being held by the Bank of England, a third by its workforce and a third by the civic institutions of the locality. These newly constituted ‘Banks of England’ are one of the essential feature of Blue Labour statecraft built upon endowment and institution building.