It is certainly true that there was a fall in the savings ratio, but we must consider the rates of inflation that prevailed in those two years. The savings ratio for first three quarters of 1990 was back to 8·8 per cent. and is on a rising trend. With regard to credit and demand, the hon. Gentleman failed to take account of the fact that household credit is overwhelmingly for mortgages. He also failed to give us credit for a crucial development: although between 1974 and 1979 consumption rose at seven times the rate of investment, between 1981 and 1989, investment rose at double the rate of consumption, therefore financing plenty more local production for demand to go into.