As the Sub Prime Crisis across the Atlantic and its ripple effect have demonstrated, we have a genuine problem not just with those who cannot get a foot on the ladder - important though that is - but with those cannot sustain home ownership.

Given that the economy is so reliant on financial services - which are estimated to provide 30 per cent of taxes paid by the financial sector, according to Richard Jeffrey of Ingenious Securities - the Current Sub Prime Crisis could mean that even 2 per cent growth is too high.

The balance that the Government must seek to achieve here is to combine the right amount of regulation-to avoid a repeat of the Sub Prime Crisis-with a regime that allows bank lending to recover.