Ms Brenda McVeigh:

On what the Government might be doing in trying to lead proposals, we have said repeatedly that we have a stamp duty model in place. It is a very steady test and stream of revenue income. France introduced stamp duty last August, we think Spain is about to introduce stamp duty and the UK has a stamp duty model in place. It is a tried and tested model. We have suggested that a stamp duty model is something the Commission should examine putting in place in a harmonised way throughout the countries. It would have to be teased out a little bit further but it is a successful stream of revenue for a number of member states and something we believe should be examined as well.

On the tests for opting in and opting out of the proposal, it needs to be highlighted that 11 countries to date have indicated they will opt in to the enhanced co-operation procedure. That means 16 countries have opted out. On balance, it appears we have adopted a reasonable position in saying that this needs to be further examined, especially in the area of tax. As to whether this proposal has been teased out enough, we have been open in saying that there are gaps in the current proposal and that it needs further testing. We would welcome sight of an impact assessment of even the FTT proposal that is on the table never mind one that might come forward eventually probably sometime during our Presidency. There is enough camaraderie, for want of a better term, among the 16 countries that have opted out, which are all singing from the same hymn sheet, perhaps for different reasons as the Deputy said, in saying this needs further discussion.