Peter Hoskin

A blessing in disguise

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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.