'The suffocating, neoliberal orthodoxy – favouring market forces and tolerating state regulation only where absolutely necessary – caused the banking crisis, yet it has clung on, as if somehow it was not the very root of the problem all along.'

Peter is the Labour MP for Neath and has held the posts of secretary of state for Wales, for work and pensions, and for Northern Ireland.

He was also minister for Africa, and a leading anti-apartheid campaigner in South Africa.

Hain's new book, Ad & Wal: Values, Duty, Sacrifice in Apartheid South Africa, is published by Biteback.