Ms Marie Hunt:

With the benefit of hindsight, "Future Shock" absolutely, but based on what we knew at that time we held the view we had. We based it on the fundamentals of the market and the economic backdrop as we understood them. We were also mindful of the huge cohort of people who had just bought a house. If one's building is on fire, one needs to get everybody out in an orderly manner. One does not want everybody panicking. We had already said the market was beginning to slow down, things were levelling off.