We need public investment in other areas as well. Our hospitals, education and railway systems need investment. This involves money which is scarce in the current economic situation but long-term investment should not fall foul of short-time pressures. The Progressive Democrats have always been in favour of prudent borrowing to fund capital spending. It would be very foolish to cut back on investment now and then find that when economic buoyancy returns we have congestion and public facilities which are even worse than before. The rules laid down in the Stability and Growth Pact set limits on the amount we can borrow in any given year. It is a pity that those rules do not distinguish between capital and current spending. We all recognise the need to keep current spending under control and to live within our means, as we are doing.