I think, if the Member examines the record, he will find that, under the first Blair Government, they reduced the proportion of debt in GDP up to 2001, and from 2001 to 2010 it rose steadily every year until the explosion after 2008. I haven't got the figures with me today, but I'm happy to send them. He'll find them in the House of Commons library research paper, which gives them. So, that's the reality of the background to the budget.

We can't just magic away the macro-economic problems that the UK faces. If we attempt to do so, then we will make things even worse for us in the future. What we need to do is to grow the economy. In the United States now, there are plans for substantial reductions in corporation tax. This is being mirrored in France, in Germany, in Italy, in Switzerland, and this is what we need for Britain. I'm very much in favour of devolving corporation tax to Wales so that we can take our own course in this respect as well, but I appreciate that that's a debate for another day. So, whilst I welcome the budget, I recognise the limitations that the finance Secretary is bound by, and I think there are things that we can do to tweak things at the margins, but his scope for action is very little more than that.