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 overriding paradox is that a democratic and vocational resistance to modernity, defined as the joint sovereignty of financial markets and public administration is the most efficient, competitive and sustainable modern position. The tragedy is that such a reasonable political position is unavailable within the mainstream of European politics, indeed there are those who argue that it would be illegal and an infringement of EU rules concerning competition.

Cameron made the Hugo Young speech, where he claimed the co-operative movement, building societies, the mutuals, the early trade unions for the Conservatives, and we were completely silent. That's linked to the excessive statism of Brown. We had to reclaim Labour history. It was also a way of talking about capitalism again, and resistance to capitalism. And working [in London Citizens] with low-paid people, most of whom were women, had reminded me of their concern for their parents and their children, and their commitment to work and not wanting to be on welfare.

New Labour’s community development work was all private-sector driven, consultation-tinged regeneration that was done to poor people rather than being controlled by them. I found it, on the whole, a massive waste of money.