---

Amendment of the law

Absolutely. This recession is much deeper than all the other examples that are cited. The other factor, of course, is the global economic outlook, which was different in the 1990s—the example most often cited by the Government as the comparator for this recession. If anything, this recession is closer to what happened in the 1980s. The three great drivers of economic growth in the UK— exports in the global economy, financial services and the housing boom—have all gone, so where is the basis for this projected incredible growth? Suddenly, it appears, after next year, we are going to re-enter the golden days and a halcyon era will be born again. That is the only way anything close to the Government's projections on tax revenue will be realised.