We have met our inflation target this year every year since 1997.

A year ago some said that the doubling of oil prices would push our inflation far beyond target and that a recession was required to slow the increase in house prices.

I believe the monetary authorities have sought to take action to head off the possibility of higher inflation over the course of the next two years.

For those claiming that inflation is right around the corner, they can point to this number and say, 'Aha, it's justified,' ... In my mind, this is really a one-time development and we're more likely to see more benign inflation data later in the year. But these numbers are terrible. They make an increase in interest rates all but inevitable.

Other prime ministers leave office and stay in London. I have come back with my whole family to Fife. This is where they are being brought up. It is better for them and better for me. It's great to see more of the kids.

I want to do something for Kirkcaldy and Fife. I am a full-time MP, not a businessman.