Madam Deputy Speaker, the Deputy Minister has just told us that the downgrade has been a disaster, and it will be an ongoing disaster.
I just wish to place on record, before I ask my question, that four months ago I wrote a letter to a very reputable colleague on the other side of the House, predicting that this would happen as a result of our imminent approval of the Credit Rating Services Act, as has happened in each and every country after the adoption of this legislation.
This is on account of the fact that the rating is a function of two things: the type of assessment to which the hon Harris was referring and the likelihood of that happening, and then the risk one is taking if one is calling it wrong. We have increased that risk by making them liable if they have called it wrong, so each rating agency has been bound to play it conservatively and downgrade us. So, I made the point that it was not in our public interest to pass that piece of legislation.
Do you, Deputy Minister, realise ...