The Today Programme's interview with Hector Sants – the chief executive of the Financial Services Authority – is well-worth listening to. His message is that the credit crunch will change banking “forever”, and that never again will money be available so cheaply.
At first, the words seem doom-laden, but Sants puts a positive spin on them. Yes, there will be short-term difficulties - he says - but eventually people will adjust to the long-term unavailability of easy money and fast credit. The result? Excessive borrowing will become a thing-of-the-past, and the UK can finally leap from the swamp of debt it's currently mired in.