england were right it would already be half or— england were right it would already be half or less. a 1% increase in interest— be half or less. a 1% increase in interest rates would completely wipe it out and _ interest rates would completely wipe it out and 1% change in the gdp ratio _ it out and 1% change in the gdp ratio will— it out and 1% change in the gdp ratio will be projected to be at high _ ratio will be projected to be at high levels relative to our history. there _ high levels relative to our history. there were — high levels relative to our history. there were questions about how sustainable that is in the obr have acknowledged they do not understand why it _ acknowledged they do not understand why it is _ acknowledged they do not understand why it is so _ acknowledged they do not understand why it is so high so any of those three _ why it is so high so any of those three things could happen and the headroom would be a lot less, which is why— headroom would be a lot less, which is why it _ headroom would be a lot less, which is why it is _ headroom would be a lot less, which is why it is right that we are disciplined on public spending and in the _ disciplined on public spending and in the short term have one eye on the future — in the short term have one eye on the future to make sure we have the fiscal— the future to make sure we have the fiscal space — the future to make sure we have the fiscal space we need to deal with things— fiscal space we need to deal with things as — fiscal space we need to deal with things as they arise. a fiscal space we need to deal with things as they arise.— things as they arise. a lot of pressure _ things as they arise. a lot of pressure expected, - things as they arise. a lot of pressure expected, i- things as they arise. a lot of pressure expected, i think, | things as they arise. a lot of- pressure expected, ithink, around pressure expected, i think, around further interventions that you might have to come forward with, thinking about energy costs as we go towards the autumn, so there is doubt, there is also the fuel duty reduction you have brought in but only for a year. politically it may be difficult to unwind that and a lot of