Pre-Budget Report

The trend growth rate is exactly the same. If the hon. Gentleman is saying that if growth is upgraded this year, it should have no effect on future years, he is not living in a world with economic cycles and economic change. Boom and bust is a term that applied to the Conservative years and two of the worst recessions in history. If the hon. Gentleman wishes to have a debate on boom and bust in the House of Commons, we are happy to do so. Growth this year is 2¾ per cent. and is higher than forecast. Growth next year is between 2¾ and 3¼ per cent. and therefore is higher than this year, and growth in 2008 is forecast to be 2½ to 3 per cent. When did the Conservatives ever have 12 years of economic growth?