Mr. David Doyle:

There was a lot of concern that ... if you recall, the housing market had started to slide the previous ... the ... yes, around about that time. So there was a lot of worry that the construction industry was going to contract. And, on the one hand, you had ambition of the political system, taken at its widest, to have the best possible intervention in a budget in terms of improved public services and appropriate levels of taxation. And we were arguing for a very much lighter approach because our concern was that while we were exhibiting high growth rates at the time, that the possibility ... probability was that that was going to tail significantly. I think at the time, I was concerned myself that we could have been facing a recession. Now, a recession would be a very technical thing, a small drop in growth. We never envisaged a depression.