such a modest increase [in unemployment] is unlikely to have any impact on consumer confidence or affect consumer spending.

Moreover, the four motors of consumption -- that is wages, inflation, unemployment and consumer confidence -- are on a downward trend and should drag spending down.

I look forward to working together with them and I am truly honored that the team has placed its confidence in me.

I'm a big believer in confidence. There's no doubt it's going to be a tough test but we're doing well - 24 games unbeaten isn't bad, you know.

Unemployment has increased over the past few months, so consumer confidence is in danger of weakening with the work force feeling more insecure. This is a problem because that is the main engine of growth at the moment.

As a result, fears over a significant near-term increase in personal or corporate taxation have virtually disappeared. Most expectations, including our own are for a broadly neutral stance.