The country needs to rip off the sticking plaster and plan for long-term change, even if it means some additional short-term pain. The question is what should the UK’s public finances look like in 2050? It might sound futuristic – but it’s only 25 years away, and just five or six parliaments.   

My personal hope is that the economy will be in a position light years from where we are now, with strong growth, full employment and high productivity, rather than the high debt, low investment, low prosperity country we are living in today.