Vastly more is being done in most areas than even two or three years ago, accepting that, for the moment, some ambitions have to be put on hold. The public capital programme, at €8.6 billion, is still double the 1998 level. For example, compared to the 1997 level, capital spending has increased threefold on roads and transport, fourfold on housing and more than threefold on hospital building and education. Those who now say we should have spent less were previously urging us to spend even more. Now that we are in more normal times, economic management will need to take more account of the cycle, which may have seemed to be more or less suspended for a period. Nevertheless, given the choice, I believe most of us would have opted for the very exciting and exhilarating period of the last five years rather than, say, the very cautious, prudent and almost dour style of management of the Chancellor of the Exchequer across the water.