On our toughest estates, generations pass with the same experience of worklessness and educational failure.
Social immobility is driven by family background, instability in childhood and often by parents who don't know how to give children the right start in life.
A short distance away from thriving city centres in virtually all of our cities, you will find areas of endemic worklessness, alienation, crime and antisocial behaviour.
The gang culture - tragically - has for some young people become the only source of stability in their lives.
Universities which deliver high quality research and innovation will be an essential part of that future.
To survive in the future, we will need our economy to be dynamic, entrepreneurial, innovative and flexible.
Back in the late 1980s I was programme editor of Channel Four's Business Daily. Day after day we broadcast the latest news, views and analysis for the City in a period when its visibility was as high as it has ever been.
We are world leaders in open and transparent government.
Some bailiffs were tacking on extra charges left, right and centre - a fee for every letter they sent, extra fees for visiting your house, for clamping your car, seizing it, towing it and selling it. It all stacked up and people in debt had no choice but to pay. We have put an end to this.