But today, Britain - like every other country in the world - faces an Extraordinary Global Crisis, which means significantly lower tax revenues, both now and in the medium term.

The Extraordinary Global Crisis that we have been through has reinforced the case for strong Government action, and there is no doubt that the action that our Government and others have taken has made the difference between recession and depression, and has shortened the period of recession.

This was an Extraordinary Global Crisis that required government action.