Pension funds are caught in a vicious circle. The UK gilt market has now almost completely detached itself from economic fundamentals and has become a story of pension fund demand and Government supply.

We were caught in a trap of our own making - a vicious circle in which our chronic deficits contributed to economic lethargy, which in turn contributed to even higher deficits, and then to greater malaise.

It's definitely the case that pension funds have been reducing their allocation to equities and that's been driven mostly by legislative pressures to reduce their deficits and to match more closely their assets with projected liabilities.

Describe a circle, stroke its back and it turns vicious.

This breaks that vicious circle of retaliation. And you never get to the bottom of it with two kids; it becomes about who's lying.

I think that peer-to-peer is a way of networking and collaborating - it's not a market in itself.