Mr. Michael Tutty:

We certainly support the strong growth in capital expenditure that has taken place over the past year or two. We were very concerned that, during the downturn and the budgetary cutbacks, so much emphasis was put on reducing capital expenditure. It is the easy one to hit rather than cutting social welfare benefits or health expenditure, and so on. We very much support the increase in capital expenditure that has taken place as long as it is wisely spent, with good cost-benefit analysis done beforehand and, hopefully, with the costs identified in advance. However, even with capital expenditure, there is a limit to what can be spent in an economy. If the economy is growing very fast and starting to overheat, one cannot just keep putting in more and more capital. Nonetheless, to the extent that we can prioritise investment over current expenditure, it is certainly good for the long-run development of the economy and we will get benefit from it over time. We are very much in favour of that at this point in time.