Some of you will still be worried that the targets for reunion limiting public borrowing might lead to cuts in social spending.

However, when demand in the economy is weak, public borrowing will tend to rise.

If investors anticipate future inflation, however, they will demand higher interest rates on government debt, making public borrowing more expensive.

Investing in the future requires increasing private savings and reducing public borrowing.

The basic reality in Italy is that public borrowing is out of control and there seems no way to stop it.

The Chancellor revealed yesterday that public borrowing has ballooned to £37 billion, and is growing fast.

He became a devoted student of public borrowing in both France and England.

Yet there is more which the Government could do without too great an increase in public borrowing or putting up taxes.

The budget deficit continued to decline to below 2 % in line with public borrowing.

One was excessive public borrowing; another was intervention in industry.