Pre-Budget Report

First, I am grateful to my right hon. Friend. On quantitative easing, the Monetary Policy Committee will have to reach a decision on when it stops that work and then on how it unwinds what it is doing. It is very conscious of the fact that it needs to do that in an orderly way that complements what the Government are doing. Indeed, I think that I made it clear when I announced the scheme that there will be some discussion when it is wound down to ensure that that is done in the right way.