Mr. Seamus Coffey:

What we are saying is that the Government would be forced to grow spending at a lower rate for a period to make that adjustment. When it comes to the overall package of spending and revenue which the Government introduces, the Government can increase spending at a faster rate than we might suggest if it increases taxes. We look at this on a net basis. Say the Government wants to increase spending by more, or a potential hole has to be filled, it can be done through borrowing temporarily or by increasing taxes, it does not necessarily have to be a reduction in spending.