More people are in work than ever before. The unemployment rate is at its lowest for 25 years. Of particular importance is the dramatic fall in youth unemployment. Everyone can appreciate the huge benefit to us all of so many young people becoming familiar with the habits and disciplines of having a job, especially when such a large number of them grew up in households in which no one regularly went to work. Opposition Members referred to the evaluation carried out by the Institute for Social and Economic Research.
Interest rates are low and stable.
Inflation is on target, and has been lower for longer than at any time in the past 30 years. It is the lowest in the European Union. National debt has sharply decreased. I shall respond to points made in the debate and set out the approach on productivity that we have taken in the Budget. There is still a substantial productivity gap between the UK and our leading competitors.