For large companies, takeovers are, of course, not the only way to achieve growth.

We can leave economists to debate whether there's any limit to how deep you can cut spending to achieve growth.

Management have indicated they can achieve growth of 15 to 20 per cent in both assets and new business annually over the next few years.

So are we to believe that changes in taxes will achieve growth?

I didn't enjoy cutting back the staff's pulpit access, but it was an action we felt we had to make to achieve growth.