Pre-Budget Report

The return to growth that is forecast in later years is predicated on consumers generating more GDP growth than they have in the past. The Chancellor suggests that 2 per cent. of GDP growth will be driven by private consumption, but between 2000 and 2007 only 1.75 per cent. of GDP growth was driven by consumer consumption. Does he think that wise, given that consumers are paying down their debt? Why does he think that he should rely on consumers backtracking, when they have worked out that they have a debt crisis even if the Government have not?