In addition to the above, Mr Lawson went on to say: “Above all, we should not forget Turner`s obsessive proselytising for British membership of the euro while he was Director-General of the CBI. Given that the euro can be saved only by what Turner at the time described as the widely-held fallacy that the single currency requires a large central budget in Brussels, one might expect some humility: but that is not his style – and I doubt he sees the incongruity in applying for the job of printing billions of a currency he campaigned to abolish.”

Remind me not to get on the wrong side of Dominic Lawson.

” Vince`s coalition colleague, Mark Hoban, does not appear to be so concerned about the perils of excessive regulation.  In fact, addressing Parliament on 12 December 2011, he blamed the light touch approach of the previous government and spoke of the `gross failures’ of the regulatory regime.”

It is interesting that, only a few short years later, light touch regulation is being seen as one of the primary reasons for our current economic woes.  Indeed, the long-awaited report into the failure of the Royal Bank of Scotland was published in December 2011 and, principal among its causes, were `light touch regulation and a catalogue of financial errors’ (Daily Mail).  Populist statements, either in government or opposition often come back to haunt politicians.

Six years on, it is questionable whether the British public quite shares this sympathetic view of  financial services organisations.  As an example of such ill-advised practice, the report into the the collapse of The Royal Bank of Scotland subsequently showed, `the Financial Services Authority allowed (RBS) to run high risks with low stocks of capital and liquid assets and left it vulnerable to a loss of investor confidence…. and underscore how the regulator`s light touch approach, which emphasised cooperation rather than confrontation, helped speed RBS down the road to catastrophe’ (Financial Times).

The “Sunday Times” interpreted this as adding to the growing optimism that the British economy could avoid a double-dip recession when figures for growth in the first quarter of the year were due to be released at the end of April 2012.

I want to live in the CEBR`s world economy, as the current one is far more depressing.

Today`s test – compare and contrast the fortunes of Iceland and Ireland since 2009.  Now that didn`t take too long, did it? – if you stated that one country had surprised the rest of the world by the strength of its recovery and the other one was bumping along the bottom within the Eurozone, award yourself full marks.

Interesting to see the Right Honourable Gentleman`s reference to a “public thirst” being followed, almost ten years later to the day, by an extended metaphor from Spain`s Foreign Minister referring to the Titanic.  One way of assuaging thirst, I suppose.

Unfortunately for the talented Mr Laws, 16 days proved to be a long time in politics, as the eruption of his expenses scandal led to a resignation in the same month of his appointment to Cabinet.