If we fail to manage the public finances sensibly, we run the risk of either an early return to higher levels of taxation or excessive levels of borrowing. This could undermine the significant progress made since 1997 in generating economic growth, increasing employment levels and tackling poverty. The 2004 Estimates are designed to consolidate this progress and to lay solid foundations for ensuring that the economy is well positioned to benefit from the upturn in the international economy which now seems to be developing.