Sorry. Mr. Chair, we're well over the response time.
It doesn't sound like you have planned for the prospective future interest rate hikes, and it doesn't sound like you've modelled out what impact they would have on households.
I want to return to a paper you wrote in 1995 about government debt. You said:
In particular higher debt levels require higher tax rates to be sustained, and taxes affect economic activity by driving a wedge between the price the seller receives and [the] price the buyer pays. This wedge imposes an efficiency cost on the economy that is larger the higher taxes are. In labour markets, for example, most studies find that the effect of higher taxes is to reduce desired labour supply, and the disincentive effects of taxation are larger the higher marginal tax rates are.
In other words, higher taxes, fewer jobs; higher taxes, less work. That's what you wrote. I'm wondering if your recent appointment has changed your perspective on this; if you've reversed yourself in order to align with the high-debt and high-tax policies of the government or if you've retained the view that you had in that paper.