It has not yet been mentioned in this debate that last autumn, when it framed its budget and took part in social partnership negotiations, the Government judged correctly that the rate of inflation would reduce despite increases in indirect taxation and charges. There were those in the markets who said we were failing to get inflation under control and who predicted a 5% rate. Low inflation growth is essential given that we are in the euro zone. For many of the Celtic tiger years, up to and including 1999, the rate of inflation was kept at the 1.5% to 3% level. While subsequently the rate went considerably above that, it never achieved – if that is the right word – anything like the heights inflation went to in the 1970s and early 1980s.