It was caused by that great economic tsunami that swept across the world—[Interruption.] And why did it sweep across the world? Because in 1989, in one of her last acts, Mrs Thatcher talked about the brave casino economy, the big bang in the City and deregulation. That was the moment it began. We never knew when it would turn into a recession, but we knew that somehow or other, that society of instant gratification would cause a recession at some time. That is how it all began.
It was just like that with the share-owning democracy. We could have discussed that tomorrow. Mrs Thatcher, that non-divisive character, sold off all the public utilities. She said, “We’ll sell off all the public utilities—gas, electricity and all the rest—and everybody will have shares. You can buy them off Sid and you’ll be able to be part of that great British share-owning democracy.” What happened to that? What happened to the share-owning democracy? EDF is now owned by French electricity; E.ON is owned by Germans; Scottish Power is owned by Spain’s Iberdrola; and npower is owned by the German company RWE. Anglian Water has gone to Canada, and Thames Water is owned by the Germans—