Developments so far this year have been closely in line with the forecasts we published in February and in May. As expected, output fell in the first half of the year and the prospect is still for a slight recovery by the end of the year. As expected, inflation has been falling rapidly, and the prospect is still for a rate under 5 per cent by the end of the year. The current account deficit on the balance of payments is much reduced, whilst the public sector again has a borrowing requirement. With the continued slowdown in activity, unemployment has risen sharply, and it is still expected to continue rising in 1992.