Mr. Simon Carswell:

Earlier in the process, in the late 1990s, there were certainly some discussions to the effect that people cannot afford to buy a home so what do we do? Do we try to take some heat out of the property market or do we do something else? The "something else" was that we need to pay people more money, in broad terms. In terms of the wage growth that was set and the wage increases provided to people to be able to afford property, that was going at it the wrong way. Rather than trying to put a limit on the market and take some of the heat out of the property market, the developments in pay and the increases in wages came at it at the other end so that people could afford to borrow.