All countries have to steer a course between two central risks: the risk of a European Sovereign Debt Crisis on the one hand, and, on the other, the risk that comes from rising global commodity prices.

Unfortunately, the current Government are also going to have to blame the woes on the European Sovereign Debt Crisis and the eurozone crisis, neither of which are of this country's making.

The inherently pro-cyclical way of functioning aggravated the European Sovereign Debt Crisis and pushed several European countries to the brink of bankruptcy.

The OBR states that the intensification of the European Sovereign Debt Crisis has “doubtless helped to reduce confidence”.

The Government's plan has restored confidence in the UK's fiscal position, protected the UK from the European Sovereign Debt Crisis and kept low long-term interest rates.

We are also all aware that the European Sovereign Debt Crisis has made the situation worse by denting consumer confidence, as fears grow that Europe is set for lacklustre economic growth prospects this year.

There is no doubt that we have reached a tipping point on executive pay and that such high pay rewards seem excessive, particularly when set against: a global downturn; a European Sovereign Debt Crisis; a banking crisis, with a Government who failed to reform the banking system when they acted in 2008; staff lay-offs and redundancies; anti-capitalist protests; social mobility issues; and youth unemployment.