balance of trade in cars turned positive in the first quarter for the first time since 1976 when jim callahan went to the imf. it's not just our car industry that was strong. information technology, aerospace, the creative industries, britt stan has a strong base from which to grow. we have a global language. we have a time zone where you can trade with ashah in the morning and america in the afternoon. we have some of the best universities in the world and a government that is committed to making britain the best place in the world in which to start a business. we w. these strengths, i believe we can see britain through the storm. but to do so we need to act at home and together with our european and global partners. first we must continue to get the grips with the deficit and to build our recovery at home. let us be clear about what we inherited. an economy built on the worst deficit since the second world war. the most leverage banks, the most indebted households, one of the biggest housing booms, and unsustainable levels of both public spending and immigration. with a budget deficit of ov