A good speech from George Osborne:
We should not be satisfied with turning back the clock to how things were before the crisis, or we risk simply pumping the bubble back up.
That would mean failing to understand a crucial insight that has become increasingly clear – that the model of economic growth pursued over the last ten years is fundamentally broken.
We can no longer rely on cheap borrowing from China and the rest of Asia to fund our standard of living.
The drivers of change we have depended on – housing, banking and rising Government consumption – cannot be relied upon to drive growth in the decades ahead.
In short, you cannot build lasting prosperity on a mountain of debt.