1.  The Chancellor of the Exchequer, the Rt Hon Alistair Darling MP, delivered his second Pre-Budget Report on 24 November 2008, which, in his own words, was set in the context of "a background of economic uncertainty not seen for generations".[1] We held three evidence sessions on the Pre-Budget Report: from experts in economic affairs, accounting issues and the social impact of the Report on 4 December; from Treasury officials on 9 December; and from the Chancellor accompanied by officials on 10 December. We are most grateful to all our witnesses and to those submitting written evidence. Additional useful evidence for our inquiry was derived from our regular hearing with the Governor of the Bank of England (hereafter 'the Governor'), and members of the Monetary Policy Committee of the Bank on the November 2008 Inflation Report, held on 25 November.