Michael Moore is director general of the British Private Equity and Venture Capital Association. He was previously an MP, becoming Secretary of State for Scotland in June 2010.

Ritual and reform. The UK is world-class at the first of those, not always so hot on the second. But occasionally they juxtapose and are all the more powerful for that. We may just have experienced the phenomenon at this year’s Mansion House speech by the Chancellor of the Exchequer, Jeremy Hunt.