My right hon. Friend intervenes exactly as I am about to move on to just that point. I assume that the Chancellor is adhering to the rules set out in the manifesto. In other words, we will borrow up to 3% of GDP, subject to a cap in the event that the interest on that borrowing meets or exceeds 6% of the Government’s revenues. It seems to me, from what I have quickly scribbled on the back of a piece of paper, that the kind of figures for public sector net investment he envisages rolling out—I think he gave a figure of £110 billion by 2024-25—probably pushes us right up against that 3% level. I am looking at the Chancellor and he is kind of nodding, slightly at least, so I am assuming that that is broadly correct. The Select Committee will want to probe how sustainable that is, particularly in light of possible recasting of forecasts going forward.
The Chancellor also raised a very interesting point about how to categorise human capital as between day-to-day spending and investment. I know he will be looking at that very closely. I can assure him that the Treasury Committee will be also be looking at that very carefully to make sure it is a rational and sensible thing to do, and not in any way shuffling the figures around to spend more and break existing arrangements. The announcements on greater spending on housing, green investment, flooding arrangements, roads, rail and the A303—thank you for what you are doing for the south-west, Chancellor—are all important, particularly given our historically low levels of productivity.