Pre-Budget Report

I am grateful to the hon. Gentleman for his vote of confidence. Of course, sending a signal to the markets that restores confidence is a delicate business. We are in a party political debate, but I think that everyone understands that it is very difficult for a Government, at this point in the cycle with the opinion polls where they are and with the Prime Minister insisting on his ridiculous dividing lines, to send reassuring signals to the market. The trick—the task for an incoming new Government—will be to reassure the markets sufficiently to finance the debt and keep interest rates low and to do the absolute minimum that is necessary to maintain interest rates at that level. That is a constant balancing act, which requires constant trimming and tacking.