Mr. John McCarthy:

Many of the tail winds are on the external side. There can be no getting away from that. The Deputy mentioned in this regard the strong trading partner growth, competitiveness gains on foot of the depreciation of the exchange rate, QE and so forth. Looking over the data over the past two years we have seen a very robust recovery in domestic demand - not exports, C plus I plus G in economic terminology. In particular, the figures over the past year show that personal consumer spending has risen very strongly and that confidence has improved.