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But there are invisible laws of compensation at work to be sure that a fixed capital sum of these things remains in place.

The only way in which we can get to a net present value, with a 30 years grace period, that is remotely even related to the total capital sum at issue is by assuming some extremely low interest rate.

“It does seem to me, however, that enquiries as to what has happened to the severance payment that was made to Mr Coulson and the capital sum realised by downsizing his home are legitimate questions and Mr Coulson has agreed to answer them,” Saunders said.

She was, she wrote, "wary of alienating the already hard-pressed families who had scrimped to buy a house on one of the new private estates at the market price … They would, I feared, strongly object to council house tenants who had made none of their sacrifices suddenly receiving what was in effect a large capital sum from the Government".

That the returns to extant wealth are going to be so high in the future that people will be able to maintain their consumption without ever touching that capital sum at all.