I don't know if there's a mathematical rule on how to divvy it up. I think if you look at the trend lines, the debt-to-GDP ratio is now falling, the deficit is likely to be in balance, and the economy is growing. The debt-to-GDP ration is going to fall quite rapidly. I suspect we'll get to 25% on net debt basis quite quickly. So the people in the markets don't see a problem. Again, we're spending 12 cents of every revenue dollar on debt interest charges, whereas we were spending 36 cents of every revenue dollar in the late 1990s. I don't see debt as a problem. I think growth is a problem, and I think it comes down to this table. Where do you see the role of the state? Do you think the role of the state, the role of government, is to stimulate investment and enterprise growth? If so there might be some need for capital expenditure.
On September 29th, 2014. See this statement in context.