The Resolution Foundation was formed in 2005, in response to a growing gap between those whose income and assets had benefited from several decades of growth, in stark contrast to those left behind and struggling to make ends meet.

I am very grateful to you at Bloomberg for hosting this event today. Your presence here in London tells us something very important about our country and our economy. I believe we are one of the world's most open and accessible economies. In fact this goes right back into our history. London grew not as a fortified capital but as the centre of a network of trade routes. Above all, London has always been a market place, and a market place that is open to all.