I shall give way to the right hon. and learned Gentleman when I have had a word or two to say about him. I am very interested in his position and his views, and I shall take the opportunity to invite his comments on what I have to say about him personally in a moment.
This country has suffered from the world recession in the same way as all other industrial countries but less so than many. That is a remarkable achievement in view of the fact that we entered the world recession in the year of the oil crisis with an economy more severely distorted by the profligacy and economic mismanagement of the Conservative Party than that of any other major country.
Unemployment is now increasing far more slowly, and the level of unemployment is far lower than it was thought likely to be at this time.