Pre-Budget Report

I would not presume to give the hon. Gentleman a lesson in economics, but it seems to me that the possibility of growth's being slower or faster will not affect the evolution of the structural deficit, although it might affect the cyclical deficit. The difference between us is that we have consistently talked about targets for reducing the structural deficit, which is what the Governor of the Bank of England has suggested, whereas the Government talk about the total deficit, not differentiating between the structural and cyclical deficits. I have talked a great deal about markets and some hon. Members are inclined, I think, to take a view of "Markets be damned." However, when one needs to borrow £200 billion over the course of the coming year, one needs to listen to what the markets are saying. When borrowing capacity depends on one's credit rating—