Thank you very much.
My reference to the households was not in terms of this being a situation anywhere akin to what's happened to the U.S. Our whole banking and mortgage system is entirely different and has a much more solid underpinning. It was more that as we look out over the next five years, why would our growth be in the 2% range and not 2.5% to 3%? It would be much better, as governments try to balance their books, if it were at 3% and if we were closing the output gap more quickly.
The answer is that with the surge in consumer borrowing immediately after the recession, they've used up some of the spending room that might have otherwise been available down the road. This is important for your committee, simply because as we look forward, we're relying an awful lot on export growth and business investment to power the economy in terms of private sector demand and as the public sector pulls back.