We have been trying to drum that fact into successive Chancellors of the Exchequer since 1945, and yet with every year that has passed, with Every Financial Crisis, new taxes have been imposed and the result has always been more and more inflation.

I do not think that that is so - although in Every Financial Crisis there is a mixture of the phoney and the real; as soon asour financial stability depends on how people react to certain events, we get of course a touch of unpredictability and unreality.