“My understanding of an inclusive globalisation is that we must combine stability, free trade, open markets and flexibility with investment in equipping people for jobs in the future, principally through education. I hope in Britain we have prepared ourselves best for the global economic challenge, buttressing our policy for stability with a commitment to free trade, not protectionism; the most open competition policy in the world; flexible markets; and substantially increased investment in people through education and related measures.”

These were the words in which Gordon Brown, when chancellor of the exchequer, described his beliefs in an e-mail to Alan Greenspan, former chairman of the US Federal Reserve, in 2007. There is no reason to doubt his sincerity. If communicating with a different audience he might have added a commitment to moderate redistribution. As he believed redistribution had become a dirty word, he preferred to talk about helping families with children and help to poorer countries. Whatever the words used, it is a more sensible form of redistribution than the traditional and often futile Labour attempts to soak the rich.