Most of it will be repaid in increased economic buoyancy. They mean more personal spending - including internal tourism which now needs a boost. Hunt and Walshe reckon that personal spending could increase by 4.7 per cent next year - down from that very high level of 9.9 per cent increase last year. The consumer is an important component of the engine that drives growth. He must not be neglected.
Housing is one sector of the economy where demand continues to push prices beyond inflation.
Lack of supply is driving prices up. Inflation in house prices is still more than double national inflation at 12 per cent. Growth in builders wages has eased to eight per cent. House prices are kept high by lower supply. In the current year the fall in house construction is reckoned at 20 per cent plus.