peaking at 1 pngt 67 this year rather than the 1.8 million they forecast in november. and they forecast one million more jobs in the economy over five years. inflation is expected to fall throughout the period. from 2.8% this year, to 1.9% next year, and 2% by the end of the forecast period. i am today writing to the gov nefrt bank of england to reaffirm the cpi inflation target of 2%. the government's credible and responsible fiscal policy allows the independent central bank to pursue an activist monetary policy consistent with targeting low insflags. i confirm the asset purchase responsibility will remain in place for the coming year. so unememployment is growing, inflation is coming down, so too is the deficit. when this government came to office, the budget deficit stood at over 11%. the state was borrowing one in four of every single pound that it spent. today i can report that the deficit is falling and forecast to reach 7.6% next year. the share of national income will fall to 43% next year. we must stick to the course so there will be no giveaways today. becaus