The former Chancellor speaks quite directly, openly acknowledging that things have happened and that action should be taken...


Did not comply with the Humphrey's four-step method.

Stage One: We claim that nothing is happening;
Phase Two: We say that perhaps something will happen, but no action should be taken;
Stage Three: Perhaps we should take action, but we can't do anything;
Stage Four: Perhaps we could have done something back then, but now it's too late.
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