The right hon. Gentleman made an interesting point, but he did not tackle the question whether the recovery springs from the policies that began in 1979. The policies have changed. Indeed, the manifestation of the change is the fact that the hon. Gentleman is no longer on the Government Front Bench. The central change is that the rise in the exchange rate has been reversed. It has gone down 30 per cent., and that must have a stimulating effect, particularly for manufacturing.