Since the April pause ended in June with the launch of the reformed reforms, the Government has been trying to give the impression that it is now moving full steam ahead with its reform programme. But once the leadership of a change programme turns delay into an art form, it becomes inevitable that such an approach will impact upon the whole system.

So back in July 2010 it was clear that Monitor was going to play a major role as economic regulator by acting as a referee for a new rules based system. What an interesting organisation. What a vital part of the new world order!