As the right hon. Gentleman knows, a number of countries around the world are in recession, are heading towards recession or are coming out of recession. According to the latest figures, Australia, New Zealand and Sweden are at the moment in recession. In the United States, Canada and the United Kingdom, the worst of the recession is over; in West Germany and Japan, growth has slowed and is slowing.
I noted this morning that the right hon. and learned Member for Monklands, East (Mr. Smith) now at last admits that there is a world situation which is on a downturn. I hope that the Leader of the Opposition will also have the courage to admit that.