Not only are living standards much higher, employment has grown rapidly and we have seen strong development in manufacturing, business and financial services sectors, helped by the fact that we have been hugely successful in attracting foreign investment. Clearly, the economic situation has changed significantly, but in terms of where we are starting from, the position is very different from the 1980s.
As you know, we published our Annual Report last week and, in my statement today, I will outline the rationale behind our latest forecasts for economic growth. In our earlier forecasts, it was always emphasised that there were many downside risks and vulnerabilities that could push growth lower.