The alternative is to pursue the sort of policies that were pursued by the Labour Government. The facts are that at the end of October the reserves in this country amounted to $6,761 million and the level of public sector borrowing in foreign currencies amounted to $2,131 million. That compares with the situation in June 1970, when our reserves stood at only $2,791 million, with $3,506 million in short-and medium-term official debt, the bulk of which was due to mature very soon. Therefore, we are now in a much better position.