It makes no sense to try to balance the books on an annual basis. We must live within our means, however, but it is like someone buying a house. If one had to wait to get the money, one would never buy a house. If something is a good investment, we must borrow in a way which is economic, makes financial sense and is cost-effective. This is what everyone does and the State should also do it. It is wrong that we are not doing it at this stage. I am not saying we should over-borrow but I am saying it is wrong to introduce the question of the 1970s and 1980s to this debate unless we are talking about a form of profligacy to which nobody is committed. One cannot pay for the infrastructural investment I have mentioned without borrowing, although we need to be sure that we will work our way out of it.